Insurance Industry Greed Poses Threat to Florida Property Owners

Odessa, FL (PressExposure) April 07, 2011 -- RAB Foundation Repair - Geotechnical Construction (RAB) Director of Commercial Development Julia Silva Rettig recently attended a hearing of the Florida Senate Banking and Insurance Committee to see firsthand the discussion of Senate bill SB 408, a controversial and broad property insurance reform package, including broad changes affecting sinkhole insurance. The bill was approved and sent on to the full Senate.

Proponents argued that SB 408 would help to stabilize the insurance market in the state. They argue that SB 408 aims to target fraudulent and inflated homeowners' claims, including those for damage from sinkholes.

Opponents argued that the bill does not help homeowners in Florida and they are taking a strong stance against the measure, arguing that SB 408 is nothing more than a wish list for the insurance industry at a time when insurers' profits are rising.

"Insurers continually bemoan their inability to make a profit in Florida and the word "crisis" is thrown about with regularity. But the numbers show a very different story. The fact is that business for property insurers in the State of Florida is booming." Says Rettig. As proof opponents presented recently released Department of Insurance Regulation annual report on the insurance industry in Florida. The report breaks down of the profitability of property insurers doing business in the State of Florida:

Fire Insurance: Premiums $702,044,756; Net Profit After Dividends $448,803,211
Homeowners: Premiums $4,971,640,913; Net Profit After Dividends $1,666,262,684
Commercial Premiums $639,877,984; Net Profit After Dividends $49,479,326

Rettig explains "....Insurance companies cry "crisis" enough and legislators "tweak" the laws for them. Their costs are driven down; the consumers' insurance premiums go up and their ability to recover a claim is greatly reduced or even eliminated. Insurance companies increase gross revenues at the expense of Florida consumers."

Opponents to SB408 say this is exactly what the bill will do. They fear that is the bill is passed as currently written thousands of Florida homeowners will have absolutely no way to force insurers to pay for the damage that may come if their homes are damaged by the naturally occurring phenomenon of sinkholes.

About RAB Foundation Repair and Geotechnical Construction RAB Foundation Repair and Geotechnical Construction (RAB) is a full service geotechnical contractor servicing residential and commercial customers all over Florida. RAB specialties include (but are not limited to) sinkhole repair Florida [http://bit.ly/FLsinkholes], foundation stabilization, structure lifting and leveling, and preconstruction soil preparation.

Using the best equipment, tooling, and products and the most experienced field staff in the industry, RAB insures a clean, organized and successful project each and every time. RAB offers a full array of geotechnical solutions that can be applied to just about any geotechnical or foundation problem.

RAB Foundation Repair and Geotechnical Construction was recently as the 17th fastest growing company in Florida by Gulf Coast 500 Magazine.

Contact:
Julia Silva Rettig
(727)859-SINK

Learn more about Sinkholes issues and how your or your neighbor's may impact by visiting [http://bit.ly/FLsinkholes]

About Sinkhole Repair

RAB Foundation Repair and Geotechnical Construction (RAB) is a full service geotechnical contractor servicing residential and commercial customers all over Florida. RAB specialties include (but are not limited to) sinkhole repair, foundation stabilization, structure lifting and leveling, and preconstruction soil preparation.

Press Release Source: http://PressExposure.com/PR/Sinkhole_Repair.html

Press Release Submitted On: April 07, 2011 at 11:08 am
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