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Florida Consumers Face Significant Property Insurance Rate Increases

According to a report published by Reuters, property owners in Florida should get ready for some unwelcome insurance rate hikes in the immediate future. Florida property insurers are reportedly increasing rates and justifying the increases by pointing to hurricane damage, lawsuits, and, of course, lawyers.

Interestingly, the rate increases come at a time when no major weather events occurred in the past year. According to an American Casualty Insurance Association representative, the rate hikes are due to lasting damage from Hurricane Irma in 2017, litigation, and excessive lawyers’ fees.

Insurance Companies are Looking to Make Money

As a consumer, it’s important to understand that every insurance company is looking out for its bottom line. While there may be some truth to the fact that the insurance industry is having a difficult year, ultimately, insurers want to pay out as little as possible on every claim they receive. In fact, if they can find a way to do so, they will gladly deny your claim completely.

As much as insurers like to advertise that they will be there for you when disaster strikes, the reality is that they want to take your premium each month and then do as little as they can to fulfill their contractual obligations. As a result, it’s in your best interest to contact an attorney prior to starting any insurance claim - even if it will be with your own insurance company.

An Attorney Can Protect Your Rights

When it comes to dealing with insurance companies, there are many ways that an attorney can protect your rights.

Reviewing the Terms of Your Policy

Many disputes with insurance companies have to do with the interpretation of the term so of your insurance policy. A lawyer can review your policy and determine whether a particular event should be covered.

Submitting Your Claim and Supporting Documentation

When it comes to submitting a claim and documentation demonstrating your covered losses, working with an attorney can be invaluable. A lawyer familiar with insurance company tactics will be able to prepare your claim paperwork and documentation in a way that will maximize your chances of getting the benefits you are entitled to.

Negotiating with the Insurance Company

Your lawyer can advocate on your behalf for the benefits to which you are entitled. When insurance companies know you have an attorney in your corner, they tend to be more likely to play fair and not give you the run-around. No one likes getting sued.

Suing the Insurance Company

In the event that the insurance company fails to honor its contractual obligations, your lawyer may file a lawsuit in order to get you the benefits to which you are entitled under the law.

Contact a Panama City Disaster Relief and Insurance Claims Attorney

If you have been affected by storms or other natural disasters and are making an insurance claim, it’s in your best interest to contact a lawyer as soon as possible. At Ged Lawyers, LLP, we are dedicated to helping property owners and accident victims get the compensation to which they are entitled under the law. Contact us or Call Ged Lawyers LLP at (561) 995-1966 or contact us online to learn more about your legal rights in the wake of the storm.