Statute Places Limits On What Insurance Companies Can Do To Raise Auto Insurance Rates
Many people that we talk to after being involved in car accidents are hesitant to assert insurance claims for their auto injuries or property damage for fear that they may either lose their insurance coverage through cancellation or non-renewal, or see their premiums increased by their own insurance companies. Fortunately, Section 626.9541 of the Florida Statues provides consumers with some protection against insurance companies canceling coverage or raising rates for the wrong reasons. Under Florida law, it is an unfair or deceptive act for an insurance company to drop a policy holder or raise premiums without a valid reason. If an insurance company is found to have committed an unfair or deceptive act, the company can be exposed to civil liability of up to $10,000.00 for each such act, as well as administrative penalties. Here are some [...]