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 have been as a result of most insurance policies don’t cowl flood.
Our agency was requested to characterize a girl for water injury to her condominium unit. Florida Peninsula denied the declare as a result of their investigation stated flood water injury will not be lined beneath the coverage. She couldn’t converse with the unique area adjuster however was referred to anyone who was by no means on the unit. The consumer defined that her unit was on the third ground and no flood water might get that prime. The desk adjuster stated nothing could possibly be executed about it.
Many Florida insurance coverage corporations 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 identical sort of type denial letter prevalent in medical health insurance many have acquired for years. The property insurance coverage claims work product is now typically the identical as medical health 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 should stay with the denial as a result of the associated fee to gather what’s owed is larger than what’s owed.
Thought For The Day
“By no means argue with silly folks. They may drag you all the way down to their stage after which beat you with expertise.”
—Mark Twain
