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From:
waldofaura@hotmail.com
To: fasano.mike.web@flsenate.gov
Subject: SB2044 insurance bill and how
negatively it will affect floridians
Date: Thu, 11 Mar 2010 16:47:33 +0000
Senator Fasano:
I thank you for your firm support, on behalf of
Floridians. I was taken aback by how passionate
you are about these issues. I was able to be the
last speaker on SB2044 at yesterday’s meeting
and I was made to feel like it was wrong to be a
public adjuster who represents the interests of
the insured. I can tell you horror stories about
what I have seen the insurance companies do to
property owners when it comes to processing
their legitimate claims. Senator I have been a
consumer advocate for over twenty years and will
continue to do so, I have also worked with the
consumer group HAC Homeowners against Citizens
in your district, we went up there personally to
speak to them back in 2006.
Our group Floridians In Action was started
because of the insurance rates that were
spinning out of control in 2006-2007. I have
also run for City Commissioner here in Miami in
2009. Senator I can tell you that my disbelief
and anger towards your colleague JD Alexander
who so rudely tried to discredit me and my trade
as the reason we are in this predicament today.
I can tell you that that is a large blanket that
we would have to throw to cover the
problems that the insurance companies create not
only statewide but countrywide. The same
problems that we are having here in Florida are
going on in Texas, Louisiana, Mississippi, North
Carolina and other states. Senator some of these
states do not have public adjusters. These
problems are presented as a shell game to keep
our eyes off the ball as to what there real
motives are. ( MORE PROFITS).
Senator, SB2044 is literally the gutting of our
insurance policies here in the State of Florida,
I have seen within the last four years, the
homeowners insurance policies get taken apart,
with limited coverage's and exclusions put in,
that now make your policy much less valuable,
yet you continue to pay the same premium for it.
Senator the depreciation that is being spoken
about in the ACV vs RCV policy language would
ravage a homeowner when it comes to repairing
their damages to their homes. These
depreciations can be as much as 50% on all
construction materials and personal property.
I will illustrate to make this clearer to you or
any other Senators that you may want to forward
this to.
You have a 30,000 dollar claim for damage
to your home, this claim is now depreciated due
to ACV language in your policy by 30% or it
could be 50-90%. The amount withheld will be
$9,000 leaving you with $21,000 now but you
still have to send this loss check to your
mortgage company who will withhold the funds
until work has begun or they may send you 33-50
percent of the funds until 50% of work is
done. If the mortgage company sens you 50% or
$10,500 to replace their personal property and
repair their home. How do we get the money to
begin repairs by a contractor who wants 50% to
start work.
Senator all these are best case scenarios, the
insurance company will hardly ever pay the full
claim amount upfront as stated in the OPPAGA
report, where it is clearly apparent that claims
are always underpaid by the insurance
companies. It is now common practice for the
mortgage company to withhold the loss funds for
a year or longer and not even pay interest on
the funds held, thereby making it very
profitable for them to withhold these funds
without reason and there are no laws in place to
protect the homeowner when he is screaming at
the top of his lungs for reimbursement. I have a
lot of proof of this Senator whenever you need
it.I hope this will help. Floridians In Action
will be mounting a TV and radio drive here in
South Florida to rally consumers to respond to
this and other bad insurance legislation. We
will also be working with other consumer groups
all over Florida to do the same.
Senator please feel free to call me or write
as I will always be available to help.
Thank You and God Bless
Waldo Faura
President
Floridians In Action
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