Even in the midst of a pandemic, Florida remains plagued by the controversial “assignment of benefits” practice, which threatens not only to raise insurance rates in the state, but also to dissuade insurance companies from operating in the area.
People’s Trust Insurance (PTI), a homeowners’ insurance company in Deerfield Beach, FL, recently announced that it would be unable to provide insurance policies to residents in six of Florida’s largest counties. The company, which insures over 100,000 properties in the state, said in a statement that it will opt out of offering those counties insurance because of “the continued bombardment of lawsuits from lawyers and the increased costs. . . continuing to drive up our total cost of claims.”
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