After several major hurricanes hit Florida in the last few years, including Hurricane Irma in 2017, which did about $18 billion in losses, and Hurricane Michael in 2018, about $6 billion, along with even more hurricanes in 2019, the state has seen serious devastation. Insurance losses from these incidents have led to financial collapse for several insurance companies, and thousands of homeowners have since had to scramble in order to find insurance coverage.

Many homeowners are also struggling with unemployment, the coronavirus pandemic, and the general economic downturn, making the search for decent insurance coverage even more difficult. Some areas were forced to wait for months after a hurricane before they are declared eligible for assistance from FEMA.

Moreover, insurance companies are struggling too, which in turn drives up insurance rates.

People’s Trust Insurance Company, based in South Florida and insuring more than 100,000 Florida properties, said that it would be unable to provide insurance policies to people in six of the state’s largest counties due to “the continued bombardment of lawsuits from lawyers and the increased costs…continuing to drive up our total cost of claims,” the Tampa Bay Times reported.

Indeed, hundreds of lawsuits are filed every week for Hurricane Irma, even though it occurred three years ago. Other lawsuits being filed are not actually storm-related, and are instead filed over the high insurance rates themselves.

The Office of Insurance Regulation (OIR) began approving a number of double-digit Florida homeowners insurance rate increases because of significant financial losses among insurance companies—even before the beginning of the COVID-19 pandemic in the U.S.

Indeed, some insurance companies have requested significant rate hikes, from between 20 percent to 60 percent. And the likelihood that at least a portion of these rate increases will be granted is high. Analysts say that nearly all customers should expect their Florida homeowners insurance costs to spike this year, by at least 20 percent, the Tampa Bay Times reports.

This can mean paying between $350 and $700 more per year for the average Floridian. Amid other financial hits, such as unemployment, furloughs, and more, this is yet another major financial worry for many.

Now, thousands of Florida homeowner insurance policies, especially in central Florida, are being cancelled—a serious concern, since hurricane conditions seem to be getting more and more severe over time, and may be particularly bad this year.

Florida lawmakers are calling for reforms, not just to the insurance system in Florida to help protect consumers, but also for major tort reform in the state, meant to protect insurance companies from financial impact that in turn causes them to hike their insurance rates.

Filing a Hurricane Insurance Claim

If you were affected by a recent hurricane in Florida, the physical devastation wreaked by the hurricane as well as the financial impact can be overwhelming, even if you do have insurance.

It is essential that homeowners are fully compensated for the losses they suffer due to hurricane damage. Indeed, even when a person has already received compensation from their insurance company, they may not actually have been paid in full, and may therefore be eligible for additional compensation money.

Dealing with insurance companies can often be daunting, and pursuing litigation can be even more so, so Top Class Actions has laid the groundwork for you by connecting you with an experienced attorney. Consulting an attorney can help you make sure that you receive the full and proper compensation that you are due through your Florida homeowners insurance, and can help you through the litigation process if that becomes necessary.