WEST PALM BEACH, Fla. — The start of 2024 is shaping to be a good for many insurance companies.
"They’ve been hiking premiums not just in Florida but in many other states as well and as a result they are making substantial profits," Michael DeLong of the Consumer Federation of America said.
Real Estate News
Fla. Senate approves tax package on home insurance premiums
Recently, HCI Group of Tampa, a parent of Typ Tap Insurance reported fourth-quarter earnings of $38 million, a big change from the year before.
WATCH: COVERAGE COLLAPSE
In January, The Wall Street Journal reported several major insurers checked in with high fourth-quarter earnings.
DeLong said insurance companies are making up for losses in recent years due to rising costs and severe storms made worse by climate change.
"In Florida the bad years are happening more and more often," he said.
During the WPTV Coverage Collapse special on Monday, he issue of insurance company profits came up.
"We’re worried about what kind of bonuses they’re giving to their executives," State Sen. Lori Berman, D-Boynton Beach, said.
"We are not sure how these carriers have operated in good faith in state of Florida."
Orion180 CEO Ken Gregg however said risk, especially in Florida, isn’t taken lightly.
"You’re not willing to take a risk on your own property, why is it that I should take it a low price, think about that," Gregg said.
If you have any questions or issues with homeowners insurance, email Matt Sczesny at matt.sczesny@wptv.com