In Florida, protecting your property goes beyond finding the perfect home. As recent events have shown, navigating the insurance landscape has become just as critical.
Many Florida homeowners—especially those affected by major storms like Hurricane Ian—are facing shockingly low payouts or even denials on their insurance claims.
If you’re considering a home purchase in Miami or Kendall, or you’re already a property owner here, understanding these issues is essential to safeguarding your investment.
This post will walk you through what’s happening in Florida’s insurance industry and how to stay protected amid these new challenges.
In the aftermath of Hurricane Ian, thousands of Florida homeowners filed claims expecting their insurance companies to support them in rebuilding. Instead, what they encountered has left many stunned and frustrated.
Independent adjusters across the state have shared alarming accounts of insurance companies dramatically reducing or outright denying their original damage assessments. Some reports state that insurers
cut estimates by up to 98%, without returning to the property or consulting with the original adjuster who submitted the report.
Imagine paying your premiums year after year only to find out that when you need it most, your insurance company won’t cover nearly enough to repair your home.
What’s especially troubling is that, in some cases, these revised reports retain the name and license of the adjuster who initially inspected the property, creating the illusion that the adjuster approved the lower payout.
This practice has left homeowners not only financially strapped but also questioning who they can trust. The typical process of filing a claim should offer peace of mind after a loss; instead, it’s become another source of stress for many Floridians.
In response to these concerns, Florida’s Chief Financial Officer, Jimmy Patronis,
introduced an emergency rule in October 2024. This rule prevents insurance companies from altering adjusters’ reports without a thorough explanation. It also requires insurers to keep all versions of the original reports on file, ensuring a more transparent claims process. Additionally, the Florida Legislature passed the Insurer Accountability Act in July 2023. This law enforces tighter regulations on insurers, compelling them to process claims fairly, uphold high standards, and avoid manipulative practices.
But while these new measures may help improve transparency and fairness over time, the reality is that thousands of claims from Hurricane Ian remain closed without payment. Many homeowners have been left struggling to fund repairs on their own, with little recourse. With so many unresolved claims, some homeowners are even considering taking legal action, hoping to recover the funds they believe they deserve.
For those of us invested in Florida’s real estate market, particularly in Miami and Kendall, this issue is a reminder of the importance of due diligence when purchasing and insuring a property.
If you’re planning to buy a home, understanding the insurance landscape, knowing the details of coverage, and being aware of your rights as a policyholder are crucial steps in protecting your investment.
Insurance is just one piece of the puzzle in owning property in Florida, but it’s an important one. Whether you're a first-time buyer or an experienced homeowner, having a proactive approach to insurance—and a trusted advisor to guide you—can make all the difference.
Are you looking to buy a property in Kendall or surrounding Miami areas? Let’s make sure your investment is protected from day one. Contact me for a personalized consultation, and let’s find the right property and the right insurance strategies to suit your needs.
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