TAMPA, Fla. (WFLA) — Three large homeowners insurance providers failed to pay nearly half of their claims from policyholders in 2023, a Weiss Ratings report claims.
Weiss Ratings, which covers 53,000 institutions and investments, looked at some of the largest policyholders in Florida and determined three providers closed over 40% of claims with no payments in 2023.
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Of those three providers, Castle Key Indemnity Company denied 47.1% of the claims it closed last year, State Farm Florida Insurance Company denied 46.4%, and Castle Key Insurance Company denied 46%.
“In the wake of increasing property damage from storms and record insurance company bankruptcies, this high rate of claims denials is severely compounding the hardships for Florida homeowners,” Dr. Martin D. Weiss, founder of Weiss Ratings, said. “But what’s most surprising of all is that some of the companies in Florida with the highest denial rates do have the financial strength to afford to pay a much larger portion of their closed claims.”
Additionally, Citizens Property Insurance Corporation — a state-sponsored entity holding the single largest share of homeowners policies in Florida — failed to submit data requested
