Florida Agents Join Consumer Advocate in Fight Against Contractor Fraud
As Florida insurers focus on addressing mounting losses in the state’s property insurance market with legislative reforms, rising rates and coverage restrictions, other stakeholders are working to educate consumers about one issue that is perpetuating the markets problems – contractor fraud.
Florida’s Insurance Consumer Advocate Tasha Carter wants to close what she says is a consumer knowledge gap with a new program offering tips, services and resources on this issue, and she’s looking to insurance agents to help her spread the word.
“I don’t think that most homeowners understand what’s happening in the marketplace,” Carter said. “Of course, they’re receiving their renewal notices with the increased premium rates [and] most of them mistakenly think that that maybe due in part to recent hurricanes or claims that have been filed across the board.”
What Stakeholders Are Saying About the Florida Insurance Market March 11, 2021
Florida stakeholders are pushing hard for the Florida Legislature to enact property insurance reforms this year to help the state address what has been deemed a market crisis. Read on for what everyone from the state’s insurance consumer advocate, to the insurance regulator, to realtors and agents, are saying about the current state of the Florida insurance market.
“Affordability has been and continues to be a real issue in our state for both auto and property and we’ve seen a pretty strong trend over the past year of insurance companies having to file for rate increases. All sectors of Florida’s business economy are paying property insurance, so it affects all consumers, both the individual homeowner like me or the business that has property insurance on their company’s buildings. It impacts all of us.”
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New Initiative by Florida’s Insurance Consumer Advocate Targets Contractor Fraud March 9, 2021
In an effort to educate consumers about contractor fraud schemes that are contributing to increased insurance rates, Florida’s Insurance Consumer Advocate (ICA) Tasha Carter has launched a new educational initiative, Demolish Contractor Fraud: Steps to Avoid Falling Victim.
The new website includes information on how contractor fraud is committed; contractor prohibitions and unlicensed adjusting, as outlined in law; and how consumers are impacted.
“Deliberate deception and intentional acts of fraud are driving up insurance rates and harming consumers. Consumers are essentially paying more for less. The availability and accessibility of adequate insurance coverage is decreasing significantly,” said Carter. “I created Demolish Contractor Fraud to educate consumers on how to spot fraud and protect themselves from falling victim.”
‘Desperate’ Times: Stakeholders Urge Florida Lawmakers to Enact Insurance Reform
It’s the start of another Florida Legislative Session with a familiar theme insurers pushing for reforms they say are needed to help the state’s distressed insurance market. Only this year the need is more urgent than ever, according to industry experts and stakeholders, as consumers face unprecedent rate increases and constrictions in coverage availability.
“We’re advocating that the legislature take a good look at some of the issues that are plaguing the Florida property insurance market right now to see if we can make some reforms to stabilize not only the performance of the carriers, but also the impact that has on the consumers,” said Florida Insurance Commissioner David Altmaier in an interview with Insurance Journal. “One of the major if not the major focal point for our office … is working on this very challenging time.”