Property Insurers Cheat Customers

Representing Orlando, Tampa, Miami and Nearby Areas of Florida

According to a Bloomberg Report, thousands of complaints filed with state insurance departments and court records show that insurance companies pay only 30-60% of what it costs to rebuild homes following catastrophes like fires, hurricanes and tornadoes. These insurance companies do this after having assured homeowners before the disasters that they were fully covered. These insurance companies then make record profits by paying out less to their customers, victims of natural disasters.

 

During the past dozen years, property and casualty insurance company profits have soared. This is true even after the worst natural disaster in U.S. history, Hurricane Katrina. Those insurance companies posted their highest profits ever in 2006, about $ 73 billion. There are about 60 million homeowners in America who pay about $ 50 billion in homeowners insurance premiums annually. Property insurers routinely and methodically deny and reduce homeowners claims in the wake of these natural catastrophes, heaping profits onto their bottom lines. They regularly refuse to pay market prices for homes, routinely decline to pay replacement cost of the homes’ contents, change or ignore engineering reports, change policy coverages, and even ask their adjusters to lie to customers.
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