Study Shows Insurance Rates Might Go Up Thanks To Hurricane Irma

Posted on : January 19, 2018
insurance rates are expected to go up because of Hurricane Irma

Living through a natural disaster is an experience that more people are becoming familiar with because of Hurricane Irma. This most recent hurricane season led to several natural disasters leaving behind devastation.

Insurance Policies Don’t Always Protect The Homeowner After A Hurricane

Many of the families who lived through the ordeal thought their hurricane insurance policies would protect them but later discovered that the insurance company denied their claim and the crucial coverage they needed to put their lives back together. If this applies to you, you might still have an option to pursue legal action.

Plenty of people are still dealing with the aftermath of denied hurricane Irma insurance claims, but research now shows that if you already have expensive insurance, it may go up in the coming weeks and months. Several months after hurricane Irma, the state of Florida is just beginning to analyze the storm’s potential impact. An epidemic of abuse and fraud associated with the assignment of benefits has already been blamed for the rising home insurance rates found throughout the state.

Insurance Rates Are Climbing

However, rates will be climbing for homes in the coming years, according to research. Assignment of benefits is a tool that when used appropriately can make the insurance claims process easier. A recent bill was passed in Florida to address the AOB problems in the state, known as HB7015. This would put restrictions on AOB agreements and make alterations to the state’s attorney fee rules.

A Variety Of Insurance Denials Are Now Affecting Homeowners

Three other measures associated with AOB are also being considered in the state senate. AOB lawsuits in Florida have increased more than 1000 times in the ten years between 2006 and 2016. This is often associated with situations in which an AOB is given over to a contractor and the contractor then has the claim denied by an insurance company. A number of different types of insurance claim denials have been impacting families in the aftermath of hurricane Irma, all of which can put unnecessary stress on families and lead to the pursuit of litigation with the help of the right lawyer.

Posted in : Administrator Butler