Property Insurance Attorney: 'Florida Homeowners Are Screwed'

With the recent People's Trust Insurance debacle, Tampa-based insurance litigation attorney says homeowners shopping for new insurance might be out luck.

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(PR NewsChannel) / March 23, 2009 / Tampa, Fla. / State government wants State Farm out, but as new companies attempt to come into Florida, homeowners could be stranded without solid protection for their most valuable asset, according to Tampa property insurance attorney Ted Corless of Corless Zinober. 

Corless, who has spent a decade representing Florida homeowners as well as the smallest and largest insurance companies like St. John’s and Nationwide, says smaller companies like People’s Trust cannot be easily trusted. 

The Florida Office of Insurance Regulation says the Boca Raton-based company violated several state rules covering insurance companies including but not limited a provision whereby the company was writing more policies than it had the ability to pay.

“Imagine just two weeks ago, you were insured with State Farm,” says Corless. “You see this company advertise on TV saying ‘State Farm may be a good neighbor but not yours anymore.’  So, you dump your State Farm policy and sign on with People’s Trust, only to see they may have completely mismanaged the company. With other people doing the same thing, when a big storm hits, Florida homeowners are screwed.”

Most recently, Corless Zinober has been helping homeowners and insurance company representatives deal with new challenges in the insurance market. The departure of State Farm immediately puts nearly a million homeowners in the undesirable position of shopping for new coverage just before the 2009 hurricane season starts.  Factor in a hostile relationship between Governor Crist and the major insurance carriers, and it’s a storm onto itself, Corless says.

State Farm requested a nearly 50% rate hike and when the state said no, the company announced plans to pull out.  State government vowed to lower premiums without regard for the impact it might have on the value and quality of service insurers provided to Florida homeowners.  Ultimately, many companies with established reputations in servicing their customers had to either operate at a loss or not operate at all. State Farm was one of the last large insurance carriers still writing policies in Florida.

Now, it’s expected that smaller companies with little or no experience in Florida will be covering nearly a million property owners.

“It’s not to say the smaller companies can’t do things right, but certainly the example of People’s Trust shows the inherent problem of dumping off so many policies at any given time,” says Corless.  “The state must step up and educate the public about the situation and consumers must take a proactive stance to learn about any new company they might be considering.”

About Ted Corless: Ted Corless, Esq. has represented major insurance companies and homeowners for more than 10 years. He is recognized as one of the leading insurance litigation attorneys in Florida, having previously represented most of Florida's largest property insurers in over 1,000 property insurance disputes, including damage associated with sinkhole, windstorm, fire, and blasting activities.  He has trained hundreds of insurance adjusters and speaks regularly on the topic of educating the public and assisting with insurance legislation. He holds a bachelors and law degree from the University of Missouri and is licensed to practice in Florida, Kansas and Missouri.

About Corless Zinober: The firm represents individuals and families along with small and large companies with plans tailored to meet the specific needs of its clients. As a large organization, Corless Zinober is able offer value while also mandating a policy of individual attention.

Media Contacts: 
Justin Herndon, The Publicity Agency
Email: 
cell:  (813) 528-6815
Web site: www.thepublicityagency.com 

Glenn Selig, The Publicity Agency
Email: 
Phone:  (813) 948-7767 or cell: (813) 300-5454
Web site:  www.thepublicityagency.com

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SOURCE: czlegal.com

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