The industry experts were right again! The Florida Office of Insurance Regulation has approved applications for an increase of about 100 or more insurance rates. This increase isn’t a slight one either. Many of those approved are increasing rates by double digits.
This increase may come as a shock to property owners across the state; however, it shouldn’t. The insurance experts, such as the team at Southeast Public Adjusters, have warned about this for a while now. While some did not see an increase this drastic happening, others were spot on.
Not only does this increase hurt property owners and their rates. But, it is a direct reflection of the insurance industry in Florida, keep reading to learn more!
The Explanation for Increased Insurance Rate Applications
With this fate looming above property owners for some time now, you might wonder why the need for the increase. The main reason is the number of insurance claims coming in and the amount of money they demand. The insurance companies goal is to help property owners with property insurance. Whether it’s water, mold, fire, or storm damage, they usually help with it all. And this system works by the property owner paying insurance that should cover these insurance claims, should they ever have one.
However, this system doesn’t always work as expected. The ideal situation is damages and insurance claims staying within the amount property owners pay in insurance. But, what’s actually happening is insurers are losing money when helping with insurance claims in Florida. The number of insurance claims coming in exceeds the amount they can handle, and the cost is rising because of it.
What Should Property Owners Know?
While many of the obstacles facing insurance companies are not property owners’ problems, they can affect them. From an increased rate to a concern about the future of property insurance, property owners have reason to feel stressed.
However, the best thing to do is to have a plan in place for when you face property damage in the event it happens. That way, you know how you will proceed and how you will get the damages covered.
One part of this plan we recommend having is the help of a public adjuster. Here at Southeast Public Adjusters, our team is aware of the changes the insurers are dealing with. But we also know that they still need to help you out with your property damages.
With our public adjuster team on your side, we can make sure your insurance claim is done correctly and in a timely manner. This additional assistance gives you peace of mind that your property damage claim will be covered as best as possible.
Get a Free Claim Review!
If you are dealing with property damage or a property damage claim, let our public adjusters assist you.
Whether you need assistance with the insurance claim or reading the policy, we got you covered.
Not sure if a public adjuster can help you? Get your free claim review at Southeast Public Adjusters by calling (888) 811-5439.
or contact us here https://spadjusters.com/contact-us/.