If you are living in the state of Florida and were hoping to see a decline in your home insurance costs, you may not want to hold your breath. Despite the removal of the attorney fee statute in attempts to keep costs for insurance prices down, a recent report released by Karen Clark & Company claims that no relief is in sight.
Insurance companies argued that the attorney fee statute- which held insurance companies liable for fees when they wrongly underpaid and denied claims- was the reason why rates were so high. However, despite the removal of this statute, homeowners are not seeing a change in their rates.
The report claims that other factors in place will continue to make a significant impact on homeowner premiums, with no signs that the rates will go down. These factors include hurricanes, non-hurricane catastrophes, inflation and rising construction costs, and reinsurance supply and cost.
Have concerns about your home insurance costs and feel like you are being taken advantage of by your homeowners insurance company? Reach out to Bart Denham Property and Injury Law Firm today to see if you have a case.
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