It's an issue that has been bubbling for the past year and a half. Mostly to blame, industry experts say, is the vast amount of litigation against insurance companies fueled by so-called free roof-replacement schemes.
Citizens is on track to have more than 1 million policies on its books by the end of the year, which hasn’t been seen since 2013. Around 400,000 policies is Citizens' sweet spot, said spokesperson Michael Peltier, but the insurer has more than doubled that number — and growing. Last year, Citizens was gaining between 3,500 and 4,500 policies a week; now the average is 6,500 policies a week.
State Sen. Jeff Brandes, the St. Petersburg Republican who led the call for a special session on insurance reform, said a direct storm hit in Florida would lead to more damage, more claims and therefore an “absolute spike in litigation.” “That’s just a tourniquet. That’s just a triage and keeps them alive for a few months,” Brandes said.
Insurance in America is such a ripoff. We need a public option
Business Business Latest News, Business Business Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: wwd - 🏆 24. / 68 Read more »
Galveston woman Turns to Ted after flood insurance issues for beachfront propertyWhen a Galveston woman couldn't get her mortgage company to pay the flood insurance on her beachfront property, she Turned to Ted.
Source: abc13houston - 🏆 255. / 63 Read more »
Source: Crypto_Potato - 🏆 568. / 51 Read more »