The Florida Home Committee on Banking and Insurance coverage appeared to have many constituents upset with delays and denials after I was testifying in entrance of them a month in the past. The insurance coverage consultant tried to clarify that lots of the denials had been as a result of most insurance policies don’t cowl flood.
Our agency was requested to characterize a lady for water injury to her condominium unit. Florida Peninsula denied the declare as a result of their investigation stated flood water injury is just not coated below the coverage. She couldn’t communicate with the unique discipline adjuster however was referred to someone who was by no means on the unit. The shopper defined that her unit was on the third flooring and no flood water may get that prime. The desk adjuster stated nothing might be finished about it.
Many Florida insurance coverage firms are sending type denial letters. This instance and the sort of denial is what’s driving policyholders right into a perception that insurance coverage is a rip-off. This is similar kind of type denial letter prevalent in medical insurance many have acquired for years. The property insurance coverage claims work product is now usually the identical as medical insurance.
Delay, Deny, and Defend is a really actual downside in Florida. For a lot of claims, the quantities are small and plenty of will merely must reside with the denial as a result of the associated fee to gather what’s owed is bigger than what’s owed.
Thought For The Day
“By no means argue with silly folks. They are going to drag you right down to their degree after which beat you with expertise.”
—Mark Twain
