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Big insurance companies are fighting homeowners insurance reform in legislative sessions in Tallahassee claiming they can’t afford to write policies for Florida properties. But Florida homeowners, as well as legislators, have good reason to feel duped.
According to ISO, a New Jersey risk information service, the net income of insurers rose from 44.2 Billion Dollars in 2005 to 63.7 Billion Dollars in 2006. Insurance companies respond that this increase is due both to growth in premiums and a decrease in losses. They claim total premiums increased 18.3 Billion Dollars in 2006 to a total of 443.8 Billion Dollars.
And where do the increased premiums come from? Likely, high growth states like Florida, where homeowners insurance rates have skyrocketed in receent years. Legislators and homeowners have ample basis for believing insurance companies are “profiteering” when they are raking in these kinds of profits.
If a homeowner has a dispute with their homeowners’ insurance company, they should hire an attorney with the resources, experience, and knowledge to fight and win in court. Colling Gilbert Wright & Carter handles all kinds of insurance disputes all over Florida. If you have questions about any kind of insurance dispute, call or email for a free consultation.