Florida’s challenges with insurance are affecting every type of coverage. Homeowners, drivers, renters, and business owners are finding it difficult to secure affordable rates throughout the state.
Even with coverage in place, many people are feeling slighted by the coverage. If you currently have a claim, even for workers’ compensation, you may find that the insurance company is doing everything it can to minimize what it pays out.
Massive layoffs are also a factor for some of these insurers as they try to keep a foothold in Florida. This means that your insurance company may not have adequate staff to assist you when you need to make a claim. The process may take longer and mistakes will be more common when employees are stuck trying to manage too many claims at once.
Reasons Insurance Companies Have Pulled Out of Florida
Insurance companies have been pulling out of Florida for a number of reasons.
Population Boom
Since 2021, Florida has had more new residents than ever before. With a big boom in the population, this impacts the costs of all types of insurance — from auto and homeowners insurance to business liability insurance and workers’ comp. The biggest impact of the increase in population has affected real estate and homeowners insurance.
Car Crashes
In addition to Florida’s growing population and real estate woes, there are more people on the road. The more vehicles there are, the more likely accidents are. This means that insurance companies wind up paying out more claims than they did before. With increases in the costs of car repairs, too, many insurers are finding it’s too much for their bottom line.
Hurricanes and Other Severe Weather
In terms of homeowners insurance, it’s easy to see why so many big insurance companies are pulling out of Florida. In recent years, hurricane damage with high winds and flooding were the reason many homeowners were filing claims.
Most people don’t realize that even if they aren’t a homeowner, many insurers offer this type of policy. When policyholders are making more claims in one category, like homeowners insurance, it affects the entire bottom line and causes a loss. This is why major insurance companies have started to leave the state because, for them, it’s not cost-effective.
What Should You Do If You Need to Make a Claim on Your Insurance?
When you need to make a claim on your insurance, whichever type it may be, you should be sure you have everything organized to show proof. This is because the insurance adjusters will be focused on trying to keep that bottom line for the company as their ultimate focus.
They examine the expenses in your medical bills and input them with codes. Sometimes, these codes are inaccurate for your local area. In other words, they may be going for a code that offers less in payout to cut down on costs on their end.
You may get an offer and be glad to have your coverage taken care of you. However, you may not get what you fully deserve. There are certain circumstances, such as car accidents or workplace accidents, where the numbers don’t add up. This means you’ll be taking a settlement for less than the expenses you’ve incurred. The point of insurance is to protect you in the event of these scenarios. Unfortunately, Florida insurers now seem to only want to protect themselves.
What Should You Do If You Suspect Your Payout Is Not Enough?
When you make claims on any insurance policy for a car accident or workplace accident, it’s always a good idea to have an attorney go through the offer line by line. In doing so, you’ll see if your medical bills have been reduced.
A lawyer can catch mistakes like these and advocate for you to get you the right amount. Connect with local workers’ compensation lawyers to make sure you are getting the full benefits you deserve.
1-800-Injured is a lawyer and medical referral service. We can help you find legal or medical professionals in your area to assist you.
