Florida accounts for 85% of all property insurance claims in the United States involving attorneys. No Relief for Cost of Homeowner Insurance The Legislative Session ended last week in Tallahassee with no action on out-of-control homeowner insurance premiums. Insurance companies lost more than $1.6 billion from "get a free roof" scams in Florida last year. Legislative action is needed to reduce the frequency of nebulous roof claims. To reduce such claims, the legislature will need to reduce the financial incentives: One-way attorney's fees - this law allows a homeowner to sue the insurance company with no cost or risk to the homeowner. When the claim settles, the homeowner's lawyer can bill the insurance company for his time, often at a rate of $200 to $600 per hour. Assignment of Benefits Agreements - this type of one-sided contract allows roofers to be paid directly by the insurance company instead of through the homeowner. Unfortunately, unscrupulous roofers are using this law to force insurance companies to pay inflated repair estimates. Replacement Cost - while replacement cost coverage is needed for homeowners to recover from legitimate storm damage, just a few broken shingles on a 25-year-old roof can qualify the homeowner for a 100 percent roof replacement. Insurance is designed for sudden and accidental events. Insurance is not designed to replace old, worn, and torn roofs. Until the Florida Legislature acts, we can expect a continuation of rate increases, non-renewal notices and insurance company insolvency. Please do not hesitate to contact us if you have questions or concerns about your coverage. We appreciate you and the trust you place in us. Copyright © 2022 The Wheeler Agency, All rights reserved.
Florida accounts for 85% of all property insurance claims in the United States involving attorneys.