10/12/2023 0 Comments Barely staying afloat memeBut if they go out of business, you only have 30 days. When a company non-renews, you have 120 days to find a new policy. “We think that rates are gonna go down.”Ĭarlucci says a non-renewal or a drop is better than a company going out of business. “We believe that in the next year or so, a lot of companies are actually going to come back into the market,” Carlucci said. “It’s going to become easier for insurance companies if they need to properly deny a claim to be able to do it without having to pay four to six times as much in legal fees to do so,” Carlucci said.Ĭarlucci is hopeful that insurers will return to the sunshine state soon. Some of the changes include carriers not having to pay as much legal fees if they get sued, and requiring claims to be made within two years. He says Florida House Bill 837, which took effect in March, should help. Related Story: Farmers Insurance Florida withdrawal: What it means for the state and impacted policyholdersĬarlucci says insurance companies dropping customers has happened before. “So, you know, our phones are ringing off the hook.”Ĭarlucci says dozens of carriers have gone out of business, and another dozen have not renewed a portion of their clients. “I mean, everybody right now is trying to find a better rate, or just find a policy because they’re being dropped,” Carlucci said. He says demand is high, but the supply is low. is the owner of Brightway Insurance Agency in Jacksonville. It says in part, “last year’s catastrophic hurricane season contributed to an unprecedented rise in reinsurance rates, making it more costly for insurance companies to operate.” Last year’s went up 23 and a half percent from the year before.”ĪAA released a statement saying it’s issuing “some non-renewals” to a small percentage of its customers. “And the homeowners is the biggest ordeal,” Stanton said. Related Story: Farmers Insurance policyholders in Florida: What you can do next Having lived in his Ponte Vedra Beach home for more than 23 years, Stanton currently has AAA’s combo policy covering his house and auto. And we all know the brass-bound audacity it takes to throw in the towel without a safety net, though let’s be honest, you’re teetering dangerously close to that precipice. He also says he doesn’t know if he can survive without insurance. In the rat race that is modern work life, finding a new job while barely staying afloat in your current one seems as feasible as solving a Rubik’s cube in a free fall. He says he will no longer be able to afford the rising rates. Stanton is retired and worried with his fixed income. “At some point, if it keeps going up at this rate, we may be older people with no insurance,” Donald Stanton, a Ponte Vedra Beach neighbor, told Action News Jax. This comes after Famers Insurance announced Tuesday they’re pulling out of Florida. Today, AAA decided it won’t be renewing some of its policies. The crumbling insurance market in Florida continues to get worse by the day.
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