Florida residents who own homes and other property in the state should always be able to count on their insurance companies for help after a disaster like a hurricane, a flood or a fire. However, this can be a challenge at times when insurers and policy owners fail to agree on the causes, costs or other details of a claim. People who file fraudulent claims may also end up having a negative impact on honest homeowners.
This was reportedly one of the factors that led Heritage Property & Casualty insurance company to cancel or not renew several thousand policies between the end of 2015 and the end of 2016. In that time, the company, owned by Heritage Insurance Holdings, reduced the number of policies it held by more than 16 percent. The large drop in claims was a contributor to the company reducing the number of claims it processed during that timeframe. At the same time, some rates are said to have been increased for policies that were retained.
While announcing the reduction in claims loss for the first quarter of this year, there was no mention made of whether or not the company intends to maintain a reduced policy load or if it will being issuing more new policies.
Floridians who need help and coverage from an insurance company after a problem or disaster strikes their property may find it helpful to contact an attorney to learn how best to seek their full level of assistance.
Source: Sun Sentinenl, “Heritage Insurance: Freeze on new policies in South Florida helped trim claims losses,” Ron Hurtibise, May 4, 2017