Damages due to water losses continue to be the top source of claims in Florida. According to a report conducted by Insurance Journal, the severity and frequency of water loss claims in Florida have steadily increased every year since 2010. The Review of the 2015 Assignment of Benefits Data Call, conducted by Florida's Office of Insurance Regulation (OIR), investigated 259,742 water claims from the top 25 insurers in the state, including damages resulting from appliance leaks to water pipe bursts. Their findings show the frequency of water claims have increased by 46 percent since 2010, with an average annual increase in frequency of 8.3 percent each year.
Fraudulent water mitigation claims are also on the rise, becoming a major concern for many across the nation. Regions including South Florida, are seeing a large number of fraudulent claims, which pose a serious threat of increased homeowners insurance rates. According to the propertycasualty360.com article, Underwater: Cleaning up fraudulent water mitigation claims, home insurance executives advise rates across South Florida are expected to rise by 6 percent or more this year due to these fraudulent water loss claims.
To ensure damages from a water loss are repaired properly, we encourage our policyholders to call our water mitigation hotline at 888-332-3149. Florida Peninsula insureds will be connected to an experienced and licensed water mitigation vendor in our network who will dry out their home in a safe and secure manner. By obtaining water mitigation services through our water mitigation hotline, Florida Peninsula Insurance Company will pay the water extraction service at no cost to our customer.
Insurance fraud, of any kind, is not a victimless crime. It affects innocent and honest policyholders who are left with higher premiums. Florida Peninsula encourages anyone with information on those committing insurance fraud to report it to us immediately by email at reportfraud@floridapeninsula.com, or by calling 866-923-2920.
