Suits from South Florida are to blame for the high cost of property insurance
Florida Map :Blame Property Insurance $16 Billion
More homeowners in South Florida than in any other part of the state filed lawsuits against their insurance providers, which may have resulted in higher insurance rates.
According to the Tampa Bay Times, a recent study commissioned by the state legislature offers some credence to the long-standing claim made by insurance companies that litigation is raising insurance prices in Florida.
Based on the figures: After analyzing 58,395 insurance claims that resulted in lawsuits in 2022, the Florida Office of Insurance Regulation found that the cost of litigated claims was more than six times that of non-litigator claims.
In Miami-Dade, Broward, and Palm Beach counties, roughly 28% of closed claims resulted in lawsuits, despite the fact that no hurricane struck South Florida in 2022 says the report. The average for the state was roughly 10%.
What they’re saying: Florida Insurance Commissioner Mike Yaworsky told the Times, “We clearly had a litigation issue going on in this state.” “This high disparity exists that ultimately everyone in the state is paying for, or has been paying for.”
Yes, but: There is insufficient data.
According to the Times, roughly 18% of the 291,155 hurricane claims that were closed in 2022 are unaccounted for. It is 23 percent for windstorms and hailstorms.
However, Yaworsky noted that Florida has the highest insurance rates in the country for other reasons besides lawsuits. Prices are also raised by storms and reinsurance expenses, which insurers pay to pay claims.
- Less than 8% of all insurance claims closed in are represented by the litigated claims examined in the study. 2022, according to the Times.
Insurance companies paid roughly $580 million for them that year, while homeowners paid $16 billion in premiums.
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