Florida’s insurance commissioner says the call for claims is increasing the cost of Florida’s property insurance industry for both consumers and providers. David Altmier told a Senate panel Tuesday that prices for homeowners will continue to rise if nothing is done.
David Altmaier, Head of the Office of Regulation, used a graphic to show the legislature the losses that insurance companies have suffered in 2020.
“That’s nearly a billion dollars, a little over a billion dollars in underwriting losses for Florida’s domestic industry in the first three quarters of 2020,” said Altmaier. “So that’s not even a full year and we’ve almost doubled our underwriting losses.” last year.”
Altmaier says while lawsuits are a major driver – roofing claims are a growing problem.
“You may have heard a lot about roofing claims going on in our state, especially in the Solo counties that I am referring to a few moments ago. These do not seem like normal roofing claims that a consumer will find out have suffered a loss and are calling their insurance company, rather than inquiries, “said Altmaier.
According to Altmaier, the process doesn’t start with a consumer, but with a person or company looking for a victim.
“This is not a consumer who notices that he has a leak. This is not a consumer who has a tree cut on the roof,” said Altmaier. “This is someone who has seen an advertisement, or in that case, has something on the left side of the doorknob saying that if I call, I can get you a new roof through your insurance company.”
Senator Annette Taddeo (D-Miami) increases the possibility of taking action against agents who canvassing customers.
“Shouldn’t we be doing all of the licensing and all things on them,” Taddeo said. “I’m talking about not leaving it to the insurance companies, but leaving it to us so that our consumers are not taken advantage of.”
Altmaier offered a more systematic approach.
“Should we regulate some of these industries a little more, I am not qualified to talk about whether we should do that or not,” said Altmaier. “But I think that’s based on what we’ve seen with our insurance expertise.” We have seen a few areas that seem to be incentivized for this type of behavior and I would surely advocate that we spend some time looking into it.
The schedule included an update for senators returning to the Capitol. From now until the end of the session, you will likely hear several bills attempting to address the status of Florida’s property insurance market.
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