Are Insurers Having a Good Year?

Insurance companies in the Sunshine State have bemoaned their lack of profitability for decades. Companies cite the increasing number and severity of hurricanes, along with the cost of fighting fraudulent claims in court as major factors. However, the year has shaped up to be a good year for the insurance industry. That doesn’t necessarily mean it’s a good year for customers. There’s still a very good chance your claim could be denied or underpaid and you’ll need the services of a public adjuster.

No Reduction in Premiums

The cost of home insurance continues to skyrocket. Increases have been so steep that some residents are contemplating moving out of the state entirely. Florida weather can be unpredictable and insurers are projecting costs on a worst-case scenario basis. They’re also waiting to see if legislation will help avoid the need to litigate on fraudulent claims.

An Option for Some

Many homeowners are paying off their mortgages so they’re not required to carry insurance and not reinsuring. It’s not a solution that everyone can afford. The downside is that they’re not covered if something happens to their home.

Complicating Factors

Many insurers have left the Florida market entirely, while others filed for bankruptcy or claimed insolvency, and began to cancel policies that were considered too high risk. It reduced the number of options for customers, resulting in a less competitive market

Strategies for Saving

Experts recommend that homeowners shop around for their insurance needs and not remain with a company just because they’ve been with it for several years. Bunding is another strategy that has the potential for savings. Individuals typically bundle their home and auto insurance, but life, health and boat insurance can also count toward bundling. Always ask about discounts. Insurance agents typically won’t volunteer the information about them and they vary by insurer.

There are safe driver, good student and loyalty discounts, along with programs for low mileage or low usage. You may receive a discount for taking a defensive driving course or being a member of a specific organization. Military or federal employees may get a discount, being a senior, insuring multiple vehicles, or paying the entire balance instead of making monthly installments can also net savings. Insurers are also enthusiastic about automatic billing.

For more information about how The Sena Group can help you with any

of your insurance needs, please contact us at 561-391-4661.

We can be found on Social Media at the following links.

The Sena Group
6501 Congress Ave., Ste. 100
Boca Raton, FL 33487