AAA Insurance has announced that it will be issuing non-renewals for a small percentage of homeowners in Florida. The decision comes as a result of various challenges faced by the insurance market, including inflation, excessive litigation, and the impact of a catastrophic hurricane season in 2022.
AAA Insurance clarified that their Florida-based insurance provider will continue to offer new home and auto insurance policies to members in the state. However, due to the strains on the insurance market, they have been compelled to make difficult decisions to manage risk and catastrophe exposure, leading to the non-renewal of a limited number of policies.
The issue of insurance company withdrawals from Florida has been a concern addressed by legislators during a special session in 2022. Efforts were made to address the problem by implementing measures aimed at reducing litigation against insurance companies, which has been a contributing factor to the rise in insurance costs.
AAA acknowledges the recent statutory changes and believes that they will have a positive impact in the long run. However, they emphasize that it will take time for the improvements to fully materialize. In the meantime, AAA, like other insurance providers in the state, must make tough decisions to manage risk. While the number of non-renewals accounts for a small percentage of their business, AAA is committed to assisting affected homeowners in finding alternative coverage options. Specific figures regarding the number of non-renewals were not provided in the announcement. Homeowners affected by the non-renewals can rely on AAA insurance agents, who are ready and willing to help them explore other insurance options. As always, continue to follow Colucci Law Group for breaking news relevant to keeping Floridian Homeowner’s safe!
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If you suspect that you are the victim of a bad faith insurance claim denial, we can help. The Colucci Law Group has the resources to assess the validity of your claim at no cost to you. For a free consultation, email us or call our Dunedin office at 727-733-9438. You may also call our Fort Myers office at 239-378-7800. Our team assists victims of bad-faith insurance claims across the state of Florida.