North Andover, Mass. – July 18, 2018 – Clearsurance, an independent online community of insurance customers, has analyzed trends in the Florida homeowners insurance market, following recent data showing that Floridians are the least happy homeowners policyholders in the country. The insurtech company uncovered a significant discrepancy in the availability of adequate coverage and the perception of service deficiencies of some Florida-based homeowners insurers.
“The routinely extreme weather in Florida, along with other market conditions, has resulted in a mass exodus of national insurance carriers in the state. Hurricane Andrew started the trend, followed by major storms in 2004 and 2005, and Hurricane Irma may have cemented it – it appears insurers are unable and unwilling to incur the massive losses that come with catastrophic weather,” said Michael Crowe, CEO and co-founder of Clearsurance. “As a result, local, Florida-focused carriers stepped up, with encouragement from elected officials, but with limits. According to consumer reviews, these local companies have not adequately covered damages or addressed claims, leaving some homeowners underinsured and frustrated.”
Clearsurance’s research found a myriad of issues contributing to the problem, such as claim disputes, poor communication, rate increases and more:
- According to Clearsurance review data, policyholders of local, Florida-focused companies have a higher percentage of claim disputes (more than 8 percent) than Florida-based policyholders of national companies (1.5 percent)
- Nearly 7 percent of local Florida policyholder reviews talked about a miscommunication, compared to 2 percent of Florida-based national policyholder reviews
- Following Hurricane Irma, lawsuits filed against the state’s largest insurers rose significantly. For example, Universal Property & Casualty saw a 158.4 percent increase while State Farm saw a 32.7 percent increase
“With the 2018 hurricane season upon us, Florida consumers must be vigilant in their own research, education and diligence when shopping for insurance to be properly covered,” said Crowe.
For the full report, please visit Clearsurance.
Clearsurance is making insurance more transparent by publishing customer reviews and ratings on homeowners, renters and car insurance companies. Based just outside of Boston, Mass. and founded in 2016 by Michael Crowe and Todd Kozikowski, Clearsurance is the independent and trusted voice of the consumer, transforming the way people learn about and shop for insurance. Its mission is to empower a community committed to making the insurance customer journey more transparent and secure so you can protect your financial wellbeing. For more information, visit clearsurance.com.