Each year, the Florida Chamber of Commerce has a summit to discuss the insurance issues that have been important and will continue to be significant for the foreseeable future. This presents an interesting perspective about the problems and successes of insurance coverage in Florida. While it is enlightening to see how the politicians, consumer advocates, and insurance executives perceive the state of the insurance industry in Florida, it is the individual homeowners who feel the true impact.
A homeowner who has made all of the payments on his insurance policy in order to be protected in the event of an accident or other devastating loss might be shocked by the denial of a claim, but this happens every day throughout South Florida. The knowledgeable Miami homeowners’ insurance attorneys at Greenberg Stone and Urbano understand the motivations behind the denials and will fight to get the insurance company to reverse its decision. We continue to work hard and adapt as the insurance industry changes through the three decades that we have been defending the rights of homeowners.
At the 2014 Summit, the insurance commissioner of Florida discussed the fact that the reduction in reinsurance costs should lead to lower overall insurance costs. However, he did caution that the various factors that are included in calculating insurance rates means that there would not be a direct cause and effect relationship with reduced rates. Managing consumers’ expectations was an important part of the delivered message. Of course, what this really means is that many people likely will not see any significant reduction in rates.
The summit did address the fact that flood insurance premiums were in danger of increasing dramatically and alluded to the fact that the 2014 election cycle means that Florida residents can expect a lot of blame-shifting in the upcoming year. The issue of the cost of flood insurance was cited as one of the greatest obstacles for the insurance industry in an interview given by Insurance Commissioner Kevin McCarty. While there is optimism that the federal government will take steps to mitigate some of the most drastic rate increases, it remains a problem for Florida residents.
The president of the American Consumer Institute Center for Citizen Research, Steve Pociask, presented his opinion during a panel discussion that the reason Florida was making progress in alleviating some of the burdens of Florida property owners was because a major storm has not hit Florida in the past few years. The implication is that matters could get even worse if Florida does suffer from a serious hit in the next couple of years.
While there were no real surprises coming out of this year’s summit, it does reinforce that the issue of flood insurance will continue to plague homeowners in South Florida.
South Florida Homeowners Insurance Attorneys Fight for Clients’ Rights
As the insurance rates for many Florida homeowners continue to rise while coverage seems to decrease, it may seem like there are few options available to a resident who has had a claim for property damage or destruction denied, but this is not the case. The skilled homeowners’ insurance attorneys at Greenberg Stone and Urbano have more than 100 collective years of experience in successfully preserving our clients’ rights. We understand that a claim denial is merely the opening move in many insurance matters and will work hard to get the insurance payments that our clients earned in their contracts with insurance companies. Our dedication to pursuing every avenue of relief has earned us an “AV” rating from Martindale Hubbell and a high rating from Primerus. Our client-focused efforts also have led to the Miami Herald voting us one of the top-rated South Florida law firms. We are ready to evaluate your cause and develop a legal strategy that works for your unique circumstances. To schedule a consultation, call us at (888) 499-9700 or (305) 595-2400 or visit our website.