 The Florida insurance market is being disrupted and insurance companies want everyone to believe they are losing money and have to raise insurance premiums. The true culprit of rising insurance premiums and the losses reported by insurance companies, is the unlicensed and fraudulent activity that is rampant throughout our state.
So why should you be concerned? Insurance premiums are continuing to rise with no end in sight. Insurance companies are no longer insuring property owners in certain zip codes, they are placing $10,000 water damage limits into policies or eliminating water damage coverage all together and there are more “managed repair” or “right to repair companies” popping up daily. As a result, you now have limited options of admitted insurance companies to insure your property thereby leaving you to be insured with a surplus lines insurance company. I wrote about the difference between an admitted carrier and surplus lines carrier in last week’s blog which you can read here. There are so many times when I hear that the insurance company is dealing with these unlicensed individuals who are telling unsuspecting policyholders they can handle their insurance claim when they are not licensed to do so. Often times, these individuals think they are hiring a public adjuster, and in fact, they are not. This not only proliferates the problem, but the insurance carriers are aiding and abetting in this unlicensed activity. Did you know that unlicensed activity is a 3rd degree felony in Florida? It is and only a licensed public insurance adjuster or attorney can legally assist a policyholder with a property damage insurance claim. Make sure you do your due diligence and understand who is insuring your property, what coverages you have and what restrictions are being placed in your policy. You definitely do not want to be surprised with limited or no coverage should you have an insurance claim. We offer free insurance policy reviews and you can contact us here or call 561-288-6434.
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