as the state tries to fix, these are the real stories behind an industry on the brink [South Florida Sun-Sentinel] – InsuranceNewsNet
Prohibitive insurance premiums, a wave of litigation and failing businesses combine to leave many
Although state legislators have sent bills to address some of the problems in government.
Here are several snapshots of homeowners who have suffered from system failures, whether it’s canceled policies, skyrocketing rates or unresolved claims from business insolvencies.
But Avatar went into liquidation in March, while its claim of nearly
Bright, who is a marketing consultant and former
Experts were also slow to learn that mold was part of the damage equation, Bright says.
Then an unexpected calamity struck: an adjuster who drove to her home left a door open as he walked out to his truck. Instantly his dogs ran away from the house and one of them was hit by a car.
Total cost of the veterinary bill:
Aside from the vet bill, Avatar gave her a “very low estimate,” so she agreed to a partial settlement of about
“They sent me a partial settlement which we disputed because they were giving me
But the following month, Avatar was in receivership.
“When I went to drop off the [settlement] check it bounced,” she said
His request is now in the hands of the
“Now I’m out of money,” Bright said.
So she pulled out a
The latter is about the only positive so far.
“I don’t have anything” about the claims process, Bright said. “If I didn’t take a loan, it could take another 6 months. The question is how long do I want to live without my bedrooms and bathroom? It’s already been six or seven months.
In the meantime, she got a new citizens’ police. but his annual bonus went from
“It’s just a nightmare,” she said. “I finally took out a loan for my mental health and I’m doing it myself.”
Retired from Boca: No complaints for 20 years, canceled anyway
“There has been no claim activity,” he said. “I guess my number is out. In short, they wrote a letter saying that due to economic circumstances and in order to stay in business, “see you soon, goodbye”.
Haas said his home suffered damage from Hurricane Wilma in 2005. But he didn’t file a claim because the cost of rebuilding his sunroom was less than the police deductible.
“I’m not a complaints hog,” he said. “I always pay in full, from the start of the policy.”
The farewell of
“I’m definitely not the only pea in the pod,” Haas said.
“They said they had a bad financial situation and because of that they cut them [the policyholders] loose,” added Haas. “There was no other specific reason.”
Nest Tuesday. Haas said an inspector was to visit his home, built in 1980, to start the process of finding a new policy.
“Once the inspection is complete, I will send them a report and start shopping,” he said. “There has not yet been a discussion on tariffs. Talking to people at the insurance agency and reading the papers, God only knows what [premium] the number is going to be. Fingers crossed.”
But he added: ‘I expect the bounty to be much higher than what has been’, which was
“I’m not broke,” Haas said. “But when you’re retired and living on your investments and
Octogenarian sees rates soar
For the past three consecutive years, his premiums have increased by 30% each year. It used to be
Over the years, he said he’s filed claims to replace a roof after a hurricane and to repair water damage to his home from an overflowing washing machine.
He said he was insured by
Since then it has been covered by two other private companies and Citizens, who have dropped it twice. His insurer is now VYRD, a
Prices, he argues, are anything but rational.
“You can’t stay one step ahead,” Medina said.
Medina ditched a full replacement value policy, which covers the cost of rebuilding a home with an all-new version, in favor of a cash value option that gives the homeowner the option to cover the actual cost of damage at current values after depreciation.
“Insurance has continued to grow 25% or 30% every year and it’s crazy,” he said. “The insurance will be more than the house is worth.”
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