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Are insurance rates falling in Florida?

People across Florida are probably well aware of the costs of their homeowner's insurance. The rates in Florida have reportedly been the highest in the nation, with the average premium payment being almost twice the national average.

It has been nearly a decade since the last hurricane to hit the state, but insurance rates have been consistently high. The state's insurance commissioner has cited data about the drop in rates, despite only 15 insurers providing data. Six of those companies have asked for rate decreases, but many of the state's largest insurers have recently asked for increases. Although insurance costs remain hight, homeowners might still find themselves struggling to get claims paid out by these companies.

People across the state have probably been pleasantly surprised by the lack of hurricane activity in recent years. However, this doesn't make insurance any less important for homeowners who could have damage to their home because of other causes.

When a homeowner in Florida files an insurance claim, they are not expecting to have to fight with their insurance company to have a claim paid out fairly. Sometimes insurance companies will pay out far less than what is needed or allowed for in a policy, hoping homeowners will not complain or fight the low claim payment. This can save insurers millions of dollars, leaving families to have to figure out how to come up with extra money to fix their homes.

Speaking with a bad faith insurance attorney in Florida about an unpaid claim or low payment amount might be a wise decision. They can help homeowners understand their rights.

Source: Associated Press, "Florida insurance commissioner says homeowner rates falling," Jan. 16, 2014

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