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Originally Posted by phylt
We are supporters of DeSantis, but just wrote him an email showing our displeasure with the state of the insurance costs in Florida - highest in the nation and no sign of alleviating. SOMETHING must be done to address this issue.
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Have close relative in the business at high level. Think about it. Total your nice car and it costs 50-80K. Get a jury who thinks they are sticking it to the insurance company by paying out a Million on an injury when they deserve 500,000, they forget insurance companies are going to make a certain profit % average over 5 years..... so they raise rates (any company does that...that is why raising corporate taxes is a joke. Company wants ebit return of 15%? raise their taxes 10%? No problem...prices increase 11.5% = 10% +15%). High jury awards from the NE make it south.. Even storm damage on cars is not as big an impact. They pay loss on car not a Million $$. Why do you think you see all the lawyer ads in FLA but not in say Georgia or the Carolina's? Juries there do not have that thought process. Awards are fair. One jury award can equal 10 accidents in a heartbeat. Auto rates are not impacted by homeowners rates. Your auto rates are not based on your driving as much as the RISK of you getting in an accident where the person calls a "call my cell on Saturday lawyer who sends you to his favorite Doctor.... you know the story. One of the Largest M ajor, M ajor firms actually stopped settling claims out of court (25% of award....vs. 30 - 35% if it goes to trial) during the pandemic due reduced cases. Awards were the same since most are not major injuries but they got 5 - 10% more. Insurance company wrote same check at trial as they offered in advance. Need loser pays lawsuits.