With hurricane season upon us, it is important to check to the financial strength of your property insurer. The reason for that is because a major storm could wipe out more than your home – it could wipe out an insurance company too.
Weiss Ratings, a company which studies the financial strength of property insurers in Florida, released its grades for property and casualty insurers. Weiss rated 29 Florida insurers as having a low financial strength rating. This means that about a quarter of the state’s private insures are in danger of being wiped out by a major hurricane.
One of the companies that received a low rating was State Farm Florida Insurance Co. State Farm is the state’s second largest insurer with $888 million in homeowner premiums. However, in 2010 it lost $66.2 million. The third-largest insurer, Universal Property and Casualty, was also given a low rating.
Currently, Florida law mandates that property and casualty insurers keep at least $5 million in capital. The recently passed insurance reform law will raise that requirement to $10 million in 2016 and $15 million in 2021.
However, hurricane season has already started. So take the time to look at your property insurer to determine whether your insurer is in good financial health. In the event of major storm, you don’t want to be stuck with an insurance company that is going broke as it will negatively impact your claim. Worse, it could leave you in a position where you will be unable to fully recover money for repairs that you are entitled to receive despite the fact that you paid your premiums.
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Before opening our law firm in 2006, our attorneys worked for some of the state’s, and nation’s, largest law firms, and worked representing the insurance companies for years. Our attorneys are now uniquely positioned to use that experience to assist individuals and businesses alike throughout Florida with their insurance claims. As a result, our attorneys are well versed in the impact insurance has on businesses, condominiums, and individuals alike. Our insurance litigation practice group is prepared to tackle your insurance claim.
Given our extensive experience litigating for, and against, insurance companies, our insurance litigation practice group is prepared to provide aggressive, efficient and effective representation on a broad spectrum of insurance claims in Florida for local, national, and international clients. We are prepared to advocate insurance claims at the pre-suit stage, trial, appellate and arbitration levels.
Call us today toll free at 1-866-518-2913 or at 305-263-7700.