June 28, 2024
Press Release: Insurers Failing to Pay Claims
Dear Subscriber,
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| By Martin Weiss |
If you own a house, a condo or any kind of property, brace yourself.
Because when my team and I uncovered the hard data on how many claims are being denied, I was shocked, and I think you will be, too.
Last year, major insurers here in my home state of Florida closed nearly half of their claims with no payment whatsoever to policyholders.
I don’t know exactly why. But I do know that …
The denial rates are a lot worse than they were a few years ago …
The problem is nationwide, and …
Most state governments have done diddly squat about it (other than trying to protect insurance companies from angry policyholders).
My view: The only way to get some action is to publicly name the companies that are denying the largest percentage of homeowner claims.
That’s what our Weiss insurance ratings team did this week. And that takes me to …
What You Can Do About It Right Now
Step 1. See the press article that just came out based on the shocking data Weiss Ratings has just revealed.
The full story is here in the Tampa Bay Times.
Alternatively, you can read it here in the Miami Herald.
Step 2. Bear in mind that, although the news out today focuses on Florida, homeowners in most other states are also getting stiffed. (We’ll also be releasing that data as soon as we can.)
Step 3. If you don’t have a mortgage, seriously consider self-insuring your home. Years ago, most people would have considered that too risky. But tell me what makes more sense …
Paying higher and higher premiums on your home insurance … and then getting stiffed by the insurance company, or …
Putting away the premium money in a solid savings vehicle, earning the interest, letting the interest compound year after year and then drawing from that nest egg to cover the cost of repairs.
Step 4. If you can’t afford to self-insure, before you buy or renew a policy, make sure you know everything it does not cover.
Many insurance companies and their agents have done a pitifully inadequate job of disclosing how much they’ve cut back their coverage over the years. So, most people don’t find out until it’s time to file a claim.
Step 5. Be sure to check our Weiss Safety Rating for your property insurer. Just go to our website here and enter the name of your property insurance company in the search bar at the top of the page:
A Weiss Rating of “A+,” “A” or even “A-” is excellent. “B”ratingsare also good. But in the current environment, I’d err on the side of extra safety because …
Even some companies with good enough financial health to merit a “B”are denying an unusually high percentage of homeowner claims.
Step 6. Check here for more information on the Florida companies and stand by for our releases on homeowner insurance denials in other states.
Good luck and God bless!
Martin D. Weiss, PhD
Weiss Ratings Founder
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