Half of Homeowner Claims Denied by Large Insurers in Florida

Jul 8, 2024

A recent report revealed a troubling trend for Florida homeowners. According to Weiss Ratings, an independent rating agency, many who filed home insurance claims in Florida faced denials from their insurance companies in 2023, particularly from large insurers known for their financial stability. Per the report, Castle Key Indemnity Company denied 47.1% of claims, State Farm Florida Insurance Company denied 46.4%, and Castle Key Insurance Company denied 46%. Overall, an average of 44.7% of insurers in Florida closed homeowner claims with no payment. These numbers are significantly higher than the national average.

This means that even with insurance, homeowners may not be getting the compensation they deserve after a covered event. Here’s a summary of the key findings:

  • Large Insurers Have the Highest Denial Rates: In Florida, some of the largest and most financially stable homeowner insurance companies have the highest rates of denying homeowners claims. This is surprising because these companies are typically considered to be lower risk.
  • Nearly Half of Claims Denied: Across the board, large insurers in Florida denied nearly half of all homeowner claims in 2023. This means that many homeowners who pay for insurance are not receiving the compensation they are entitled to after a covered event.
  • Lack of Transparency: Data on how insurance companies handle claims is often considered a trade secret, making it difficult for consumers to compare companies and understand their denied claim

What this Means for Florida Homeowners

These findings highlight the importance of understanding your homeowner insurance policy and the claims process. Here are some steps you can take to protect yourself:

  • Review Your Policy Carefully: Make sure you understand what your policy covers and what exclusions apply. Don’t hesitate to ask your agent questions if anything is unclear.
  • Document Everything: If you experience damage to your home, take detailed photographs and document the date and cause of the damage.
  • File Your Claim Promptly: Be sure to file your claim with your insurance company as soon as possible after a covered event.
  • Understand Your Rights: If your claim is denied, you have the right to appeal the decision. A Florida property claim attorney specializing in insurance law can help you navigate the appeals process, including issues with delayed, delayed, and underpaid claims.

How Can ILG Help?

If you have had a denied, delayed, or underpaid homeowner claim in Florida, Insurance Litigation Group (ILG) can help. We are client-focused, experienced property claim attorneys who have a proven track record of success in helping policyholders get the compensation they deserve. With five offices conveniently located across Florida in North Miami Beach, Orlando, Pensacola, Fort Pierce, and Naples, we are well-positioned to assist you wherever you are. We offer free consultations and claim reviews, so do not hesitate to contact us today to discuss your case.

Source: Weiss Ratings report

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