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Insurance company profit increases despite improper conduct fines

People across Florida are swamped with high insurance premiums. These costs are often higher in Florida with a higher potential for natural disasters, particularly hurricanes. Although hurricane season is not nearly over, there is already big news for one insurance company in Florida. The largest private home insurance company in Florida, Universal Insurance Holdings, announced major profits this week.

The company says that its profits for the second quarter of this year were double what they were for the same period last year. This is significant, as many companies deny claims in order to save money and increase profits.

While no specific incidents were listed in the report about Universal, it was fined in May for improper market conduct. The company also was approved to increase insurance rates by 14.1 percent early in the year.

Had the company not been fined $1.3 million, the profits of the company could have been even higher. Because insurance companies constantly evaluate claims, and sometimes deny them, it is important that homeowners understand their rights and the conditions of their policy when they need to file a claim.

Even with legitimate claims, people are sometimes denied. Speaking with an experienced attorney in Florida who understands bad faith insurance issues might be a wise decision. They can evaluate a person's policy, laws surrounding insurance regulation and help a person take informed action to have their claim paid out. People often rely on their insurance policies to help pay for damage after a disaster, and it is important that claims are paid out properly so people can quickly rebuild.

Source: South Florida Business Journal, "Profit doubles for Universal, Florida's largest private property insurer," Brian Bandell, Aug. 7, 2013

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