There will be much more to say about the upcoming rate increasing Florida homeowners and mobilehome owners are going to see this year. Florida is already one of the most expensive states in terms of home insurance and its about to get much worse.
How did we get here?
This article explains some of it:
There is a little more to it however. This is my personal opinion and does not reflect any carrier or organization I'm affiliated with but I believe one problem not addressed in this article is the lack of trust in the claims process. The policyholder lacks trust that the carrier will uphold fully their policy contract and the insurance carrier does not trust the validity and scope of their policyholder's claims. For an industry thats built on a "promise to pay" I believe this is a longterm problem we need to work to resolve.
Agents should do a better job of educating them on what coverages are included and not included and have regular coversations about what to expect in the claims process. For insurance carriers, the products should reflect the promise to pay and should not conceal or minimize when important coverages are rejected. Policyholders can do their part to expect their peers to be fair when filing claims for just what is owned since overpayment of claim ultimately impact all of our premiums.
In the coming days I will have much more to say about the current rate crisis for property coverage but in the meantime I would welcome any comments or questions. You can reach me at (904) 259-6296 or by email at firstname.lastname@example.org.