Angry at a ratings agency that raised the possibility of downgrading 17 Florida property insurers, state leaders could be poised to look for an alternative.
The Joint Legislative Budget Commission is expected to consider a proposal to spend $1.5 million to hire a consultant that would look at options for property insurers to get adequate financial ratings.
These downgrade ratings have a significant impact on homeowners, in part, because mortgage-industry giants Fannie Mae and Freddie Mac require homes to be insured by financially sound companies. If insurers lose satisfactory ratings, homeowners could be forced to find other coverage & that would create financial chaos for millions of Floridians.
The ratings issue comes at a turbulent time in Florida’s property-insurance market, as carriers have shed policies and sought large rate increases because of their financial losses. Five insurers have been deemed insolvent since February and a large carrier, United Property & Casualty Insurance Co., announced last month it is exiting the homeowners’ market.
Consumer Law Office, P.A. (CLO) ONLY represents policyholders – not insurance companies – in coverage disputes. We are not shy about what we do. Our job is to fiercely advocate for homeowners, contractors, and business policyholders & protect their rights and interests in a coverage dispute.
CALL MORDECHAI BREIER, Attorney, and founder of CLO, TODAY, for a FREE consultation. Mordechai is on your side and will bring you peace of mind, during your challenging time!
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