Lathrop GPM’s Brent Vincent was recently quoted by Law360 Insurance Authority in a piece covering the landfall of Hurricane Milton and the familiar pressures it brings to an insurance market already under pressure.
While Florida avoided a worst case scenario following Hurricane Milton’s landfall, insurance experts say that the high cost of the storm will add familiar pressures to a Florida homeowners insurance market that has been battered for years by storms.
Brent Vincent, a policyholder attorney with Lathrop GPM, said the losses associated with a storm go beyond just claims paid, and can include massive costs for adjusting and other post-storm activities. Commercial policyholders might be better positioned to withstand higher premiums, but homeowners likely won’t, Vincent said, especially in the context of other high costs in Florida like that for auto insurance.
“When insurance carriers write in Florida, they’re going to have higher deductibles, the cost is going to be much higher, they’re going to offer much more limited coverage just to cap their exposures,” Vincent told Law360.
Read the full article here: Milton Brings High Insured Costs, Familiar Pressures To Fla.