Prohibitive insurance premiums, a flurry of litigation and failing companies are combining to leave many
Although state lawmakers have sent bills design to address some of the issues to Gov.
Here are several snapshots of homeowners who have suffered from failures in the system, be it from canceled polices, skyrocketing rates or unresolved claims as a result of company insolvencies.
But Avatar entered into liquidation in March, while her claim of nearly
Bright, who is a marketing consultant and former
The experts were also slow to learn that mold was part of the damage equation, Bright says.
Then an unexpected calamity struck: an adjuster who visited her home left a door open as he went outside to his truck. Instantly, her dogs bolted from the house and one of them was struck by a car.
Total cost of the veterinary bill:
The vet bill aside, Avatar gave her a “very lowball estimate,” so she accepted a partial settlement of around
“They did send me a partial settlement which we were disputing because they were giving me
But the next month, Avatar was in receivership.
“When I went to deposit the [settlement] check it bounced,” she said
Her claim is now in the hands of the
“Now I have no money,” Bright said.
So she’s taken out a
The latter is about the only positive thus far.
“I have nothing” from the claims process, Bright said. “If I didn’t take a loan it could take another 6 months. The question is how long do I want to live without my bedrooms and my bathroom? It’s already been six or seven months.”
In the meantime, she’s obtained a new policy from Citizens. but her annual premium has shot up from
“It’s just been a nightmare,” she said. “I finally for my mental sanity took a loan out and I’m doing it myself.”
Boca retiree: No claims for 20 years, canceled anyway
“There has been no claim activity,” he said. “I guess my number came up. The long and the short of it is they wrote a letter saying due to economic circumstances and in order to stay in business, ‘see you, bye.’”
Haas said his home did suffer damages from Hurricane Wilma in 2005. But he didn’t file a claim because the cost of rebuilding his screen porch was less than the policy’s deductible.
“I am not a claims hog,” he said. “I always pay in full, right at the beginning of the policy.”
The farwell from
“I’m certainly not the only pea in the pod,” Haas said.
“They said they have a bad financial situation and because of that they are cutting them [the policyholders] loose,” Haas added. “There was no other specific reason.”
Nest Tuesday. Haas said, an inspector is scheduled to visit his home, built in 1980, to the start the process for finding a new policy.
“Once the inspection is done, I will get a report to them and start shopping,” he said. “There has been no discussion of rates yet. In talking to people at the insurance agency and reading the papers, heaven only knows what the [premium] number is going to be. I’ve got my fingers crossed.”
But he added: “I anticipate the premium to be a lot higher than what has been,” which was
“I’m not broke,” Haas said. “But when you’re retired and you are living from your investments and
Octogenarian sees rates hit the roof
The last three years in a row his premiums have risen 30% every year. It used to be
Over the years, he said he’s filed claims to replace a roof after a hurricane, and to fix water damage in his home caused by an overflowing washing machine.
He said he was insured by
Since then, he’s been covered by two other private firms and Citizens, which dropped him twice. His insurer now is VYRD, a
The prices, he argues, are anything but rational.
“You can’t kept keep ahead of it,” Medina said.
Medina dropped a policy for full replacement value, which covers the cost of rebuilding a home with a brand-new version, in favor of a cash value option that gives the owner the ability to cover the actual cost of damage at today’s values after depreciation.
“The insurance kept going up 25% or 30% every year and that’s crazy,” he said. “The insurance will be more than what the house is worth.”
©2022 South Florida Sun-Sentinel. Visit sun-sentinel.com. Distributed by Tribune Content Agency, LLC.