Others are saying it’s the insurer’s fault for this spike in lawsuits filed.
While Hurricane Irma caused a significant amount of damage back in September 2017, leaving many desperate and in despair for a long period of time, it has also caused a spike in lawsuits filed against insurance companies. The Sun-Sentinel recently reported that “lawsuits against property and casualty insurers with the largest market shares in Florida increased sharply in the first quarter of 2018 compared with the same period last year.” Twenty of Florida’s top home insurance companies have been served with approximately 10,9333 lawsuits so far between January 1stand March 31st.
Here are the names of some of the insurance companies that are currently being sued along with the number of lawsuits that have been filed against them:
- Universal Property & Casualty- The company saw a 158.4% increase from last year to this year. Last year, 1,095 lawsuits were filed against Universal and this year, 2,829 suits were filed.
- Citizens Property Insurance Corp.- Citizens saw a 32.5% increase from last year to this year. So far in 2018, Citizens has been hit with 3,078 lawsuits whereas last year they were faced with 2,323. And here’s why.
- 59% of Irma-related claims filed in January and February were challenged because the claimants stated that “the amount of money paid to restore homeowners to their pre-loss conditions was inadequate.”
- Approximately 23% of these lawsuits challenged “the company’s determination that it owed the policyholder no money because the value of the loss did not reach the hurricane deductible.”
- 15% of the suits filed against the company challenged the company’s denial of responsibility for the claim.
- Security First Insurance– Last year, 233 lawsuits were filed against the company as this year, 584 were filed which is an increase of 150.6%.
- American Integrity Insurance Co.-The company saw a 74% increase in lawsuits from last year to this year. Three-hundred lawsuits were filed in 2017 and 442 were filed in 2018.
- Federated National Insurance Co.- The company saw a 74% increase from last year to this year. While there were 215 lawsuits filed in 2017, this year, 374 lawsuits were filed.
The source also highlighted that Florida property owners filed a total of 924,439 claims related to Hurricane Irma with estimated insured losses of nearly $8.6 billion. Unfortunately, 105,918 of those claims still remained open as of April 4th. As you can see, Hurricane Irma was responsible for damaging and destroying the property of many. Sadly, many of those who have been affected by the hurricane aren’t being properly compensated by their insurance companies which is why they have elected to take legal action.
If your home or business property sustained damage as result of hurricane Irma and your insurance company has yet to settle your claim, it may be time to contact an insurance claim attorney in Florida.
The insurance claim denial lawyers at Leader & Leader, P.A. in Fort Lauderdale, FL have been working diligently with clients who have been affected by Hurricane Irma whose insurance companies have handled their claims unfairly. They have helped these individuals get their claims approved as well as receive the compensation necessary to cover the repairs and financial burden they endured from having their claim denied. And if you’d like, they can help you as well.
You can reach Leader & Leader, P.A. at:
633 South Andrews Avenue, Suite 201
Fort Lauderdale, FL 33301