PALM BEACH GARDENS, Fla. — Property insurance coverage impacts each house owner within the state, and it’s a problem WPTV has not stopped serving to you navigate.
We proceed to hearken to lots of your questions on what’s being executed to repair Florida’s insurance coverage protection collapse.
WPTV reporter Matt Sczesny is digging into a brand new report that calls into query the rebound of the householders insurance coverage trade in Florida following reforms.
A brand new report on Florida’s householders insurance coverage is suggesting the reforms enacted by lawmakers are backfiring, with extra claims closed with out fee and extra lawsuits.
Knowledge from Palm Seaside Gardens-based Weiss Scores confirmed non-payment closed claims had been up 17% from 2022 to 2024, and lawsuits from these varieties of closed claims had been up 4%.
“The bottom line we see is that many, not all, but many insurance companies abuse their own customers,” Weiss Scores founder Martin Weiss informed Sczesny on Wednesday. “Then they blame their own customers, then they’re surprised by the customers’ ire, … the customer’s anger to get the money they deserve.”
In keeping with Weiss, tort reform doesn’t work.
The research confirmed that in 2022, insurers in Florida closed 40% of claims with out fee, and that quantity jumped to 46.7% in 2024.
In the meantime, as an alternative of going to court docket much less typically, as everybody anticipated, policyholders went to court docket extra typically.
Supporters of the reforms level out that many insurers charges are reducing and extra corporations are coming into the Florida market, growing competitors.
Blaise Ingoglia, the state’s new chief monetary officer, mentioned the market is bettering and he’s holding insurance coverage corporations accountable.
“My job is not to protect the profits of insurance companies, my job is not to protect the profits of trial attorneys suing insurance companies,” Ingoglia mentioned. “My job is to protect the policyholders.”
Matt Sczesny is decided day by day that can assist you discover options in Florida’s protection collapse. When you’ve got a query or touch upon householders insurance coverage, you’ll be able to attain out to him any time.
