ORLANDO, Fla. — If you’ve ever had to file an insurance claim, you know the frustration — long wait times, unanswered calls, and unexplained denials. Now, the state of Florida is cracking down.
Florida’s Chief Financial Officer has announced more than $2 million in fines against insurance companies accused of mishandling claims related to Hurricanes Ian and Idalia.
“We put reforms in place to create a more vibrant insurance market,” said Florida CFO Blaise Ingoglia. “But insurers don’t get a free pass. They must pay what they owe and respond to homeowners in a timely manner.”
WHAT WENT WRONG?
According to state investigators, some insurers failed to:
- Pay or deny claims within 90 days
- Acknowledge receipt of claims in a timely manner
- Pay interest on delayed claim payments when warranted
Three companies alone were hit with nearly half a million dollars in penalties. Others received smaller fines.
NOT ALL BAD NEWS
Officials say these violations represent a small fraction of the total claims filed and that most insurers followed the rules.
Lawmakers have spent the last several years trying to stabilize Florida’s turbulent property insurance market. After years of skyrocketing premiums and insurer exits, the state has implemented a range of reforms.
“I’m not here to protect profits,” Ingoglia said. “I’m here to protect policyholders.”
WHAT THIS MEANS FOR YOU
As Florida heads into the peak of hurricane season, state officials want to send a clear message: insurance companies are being watched. And if they fail to treat policyholders fairly, they’ll pay for it.
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