This is the result of the positive impacts of legislative reform which addressed the man-made factors that generated Florida's risk crisis: laws were passed to stop legal system abuse and assignment of benefits claim fraud
this seems like an important detail. Digging into this a bit it seems like the issue is contractors will ask homeowners to assign the insurance benefits to them for some repair and the insurance companies are claiming the contractors are overbilling and then suing when the insurance company denies the claim. a bit of a "let them fight" situation but i guess Florida's government picked a side.
There's plenty of that. This is also Citizen's dumping the insured on new pop-up insurers. These people will be gouged on insurance and then when a hurricane comes through the pop-up insurer will pay out what it can and leave everyone after they run out of money to fend for themselves as they close up shop. Happens every single year. Happens more often as the big insurers leave. There are people who must have insurance due to how their mortgage is structured. A ton are just uninsured because there is nothing being offered as well.
As we get more devastating hurricanes in Florida less companies want to insure and banks don't want to lend without it. Eventually this house of cards is going to topple.
this seems like an important detail. Digging into this a bit it seems like the issue is contractors will ask homeowners to assign the insurance benefits to them for some repair and the insurance companies are claiming the contractors are overbilling and then suing when the insurance company denies the claim. a bit of a "let them fight" situation but i guess Florida's government picked a side.
There's plenty of that. This is also Citizen's dumping the insured on new pop-up insurers. These people will be gouged on insurance and then when a hurricane comes through the pop-up insurer will pay out what it can and leave everyone after they run out of money to fend for themselves as they close up shop. Happens every single year. Happens more often as the big insurers leave. There are people who must have insurance due to how their mortgage is structured. A ton are just uninsured because there is nothing being offered as well.
As we get more devastating hurricanes in Florida less companies want to insure and banks don't want to lend without it. Eventually this house of cards is going to topple.
https://www.myfloridacfo.com/division/receiver/companies/closed