PALM BEACH GARDENS, Fla. — Florida's Office of Insurance Regulation (OIR) has sent a subpoena to Weiss Ratings in Palm Beach Gardens over the firm's data showing many insurers, including Citizens, have high rates of denying claims without payment.
"Our Office takes our regulatory authority to protect consumers very seriously," read a statement from the OIR. "Weiss' agency claims to be independent and thorough, and if they really want to warn consumers about their dire claims, they should have no problem answering this subpoena."
Real Estate News
Why Citizens' rate of paying claims is being questioned
In recent weeks, Martin Weiss has released information critical of Florida insurers — and in particular Citizens — which Weiss said denied close to 50% of the claims in 2023.
"Many companies, many private companies in Florida, have been denying very high rates of claims," Weiss told WPTV News recently. "Citizens, we discovered, has been denying claims at even higher rates they have denied the most claims in terms of volume."
Citizens in response has stated many denied claims are the result of flood damage — which is not part of their coverage — and because of high hurricane deductibles.
"It does not surprise me that (Insurance Commissioner Michael Yaworsky) would want to know every single shred of evidence Dr. Weiss has in making these allegations," said Lisa Miller of Lisa Miller and Associates, a former state deputy insurance commissioner. "I think the commissioner is doing the right thing by formalizing his concerns and look at Dr. Weiss' data and see if the allegations are true."
In a statement to WPTV News, Martin Weiss said the following:
"Our mission has always been to help the people of Florida navigate the insurance crisis while repeatedly meeting with the OIR and the State of Florida to offer our assistance. A subpoena was never necessary. They have our number."
The subpoena states Weiss needs to turn over data by Nov. 30.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
Read WPTV's latest "Coverage Collapse" stories below:
-
Whirlpool hikes prices again as Iran War, inflation shake appliance market
Whirlpool posts $82M loss, cites Iran war and inflation for recession-level sales drop; slashes outlook, raises prices, suspends dividend.
DoorDash plans to spend more than $50 million on gas price relief for drivers
DoorDash said Wednesday it expects to spend more than $50 million in the second quarter on gas price relief for its delivery drivers.
Summer travel costs are rising. Here's how to save.
The summer travel season is approaching, and higher airfares and gas prices are making vacation planning more difficult for many travelers.
Why Mother’s Day beats Valentine’s as the biggest dining holiday
Mother’s Day tops dining holidays, beating Valentine’s and New Year’s, with diners spending 4% more this year — driven mostly by rising labor costs.
