After Hurricane Andrew wreaked havoc on the state of Florida in 1993, a special legislative session was held to address the exorbitant cost of insurance payouts after catastrophic hurricanes. During this session, the Florida Hurricane Catastrophe Fund (FHCF) was established. The purpose of the FHCF is to maintain insurance capacity in Florida by reimbursing insurance companies for a portion of their losses after major hurricanes.
Despite the FHCF, Florida still has the highest homeowner’s insurance rates in the United States; in fact, premiums in Florida are 109-percent higher than the national average. Unfortunately, that doesn’t prevent insurance companies from looking for any possible excuse to deny and undervalue claims.
If you believe that your homeowner’s insurance claim was unfairly denied or that the contractor did not restore your property to its pre-loss condition, contact Leader & Leader P.A. Michael D. Leader is an insurance claims attorney in Fort Lauderdale who will evaluate your situation and provide comprehensive legal guidance.
Under Florida law, if you have to sue your own insurer to enforce your rights, you are entitled to have them pay your attorney fees and costs associated with doing so. Call 954-523-2020 to discuss your case in a free initial consultation.
What Is Citizens Property Insurance Corporation (CPIC)?
Citizens Property Insurance Corporation is a state-run insurance provider. As outlined in Section 627.351(6) of the 2016 Florida Statutes, CPIC is a not-for-profit insurer.
Created in 2002, CPIC was the result of legislation that merged the Florida Windstorm Underwriting Association (FWUA) and the Florida Residential Property and Casualty Joint Underwriting Association (FRPCJUA). Since then, CPIC has become the largest home insurer in Florida. Many of CPIC’s policyholders own businesses and houses that other insurance companies will not insure because they are expensive properties located in coastal and flood areas.
What Are Common Reasons Why Homeowner’s Insurance Providers Deny Claims?
Many people underestimate the importance of reading the fine print on homeowner’s insurance policies until they have to file a claim. Even if you purchased an All Risks policy, your insurer might not have to cover your loss if the exclusion was specifically mentioned in the policy and is not mandatory coverage in Florida.
Insurance carriers are businesses, and they will look for any possible excuse to deny or undervalue claims. Here are a few reasons why a homeowner’s insurance company might dispute a claim:
- Your policy does not cover the specific type of damage;
- You failed to give your insurance company timely notice about the damage;
- You made a false statement or misrepresented details related to your claim;
- You were paid for a previous claim and failed to make repairs that overlap with your current claim;
- You failed to maintain a part of your home that resulted in the damage and/or the damage was due to faulty workmanship;
- Your insurance company claims that your home had pre-existing damage; or
- Your roof sustained damage that allowed rain to enter your home, which caused water damage but you cannot demonstrate a hole or opening caused by a covered peril.
Unfortunately, insurance companies are notorious for unfairly denying claims and offering low payouts. If you believe that your claim was denied without justification, contact Leader & Leader P.A. to discuss your case with an insurance lawyer in Fort Lauderdale.
Our office is available 24 hours a day, seven days a week. Schedule a free consultation today by calling 954-523-2020.