Floridians for Lawsuit Reform

Recent analysis from the KBRA (Kroll Bond Rating Agency) provides a reassuring outlook on the resilience of Florida insurers in the wake of Hurricanes Helene and Milton. Despite the projected $4.6 billion payout from the Hurricane Catastrophe Fund to mitigate insurers’ losses, Florida- based carriers are well-positioned to weather the storms without a direct impact on premiums. KBRA’s evaluation shows that the financial robustness of Florida carriers remains intact. Furthermore, the Florida Catastrophe Fund is expected to disburse nearly $5 billion. However, its backing of over $7 billion in cash reserves and an additional $3.25 billion in pre-event bond funds serves as a formidable financial buffer to cover these costs. This solid financial standing not only instills confidence in insurers but also acts as a crucial safety net for policyholders during times of crisis. https://lnkd.in/eWZktzCF

🚩 FLAG ON THE PLAY 🚩

Michael S. Fenton, a Jupiter contractor, was arrested for allegedly pocketing nearly $49,000 without completing a project he was hired for. Fenton, owner of Wine Design Studio, was accused of grand theft by victims who paid him for a custom wine cellar that was never built despite multiple payments. Fenton claimed mental health issues and planned bankruptcy as reasons for not fulfilling the job. If you suspect fraudulent activity by a contractor or want to verify their license status, contact the Florida Department of Business and Professional Regulation (DBPR) at (866) 532-1440 or visit myfloridalicense.com for assistance. Stay informed and protect yourself by reporting any suspicious behavior or verifying your contractor's license to avoid falling victim to similar scams. https://lnkd.in/et5MX-gS

In Jacksonville, a councilman has filed a class action lawsuit against an outdoor kitchen and hot tub company, formerly known as Premier Outdoor USA, now operating as the Outdoor Dream Company. Complaints from customers included issues with faulty equipment and incomplete projects. The State Attorney's Office has received 39 complaints about the business. The lawsuit alleges violations of the Florida Deceptive and Unfair Business Practices Act, including false advertising and warranty misrepresentation. One plaintiff paid nearly $40,000 for a defective hot tub that was never fixed or replaced. Other customers have shared similar experiences, such as paying $18,000 for an incomplete project. To report any concerns regarding shoddy contracting or contractors who don't complete projects after receiving payment, homeowners can reach out to DBPR by calling the Unlicensed Activity Hotline at (866) 532-1440 or visiting myfloridalicense.com. https://lnkd.in/e_S-gegM

International Fraud Awareness Week continues with a story regarding an unlicensed contractor sting that could best be described as a con artist crackdown. The Florida Department of Business and Professional Regulation (DBPR) has taken swift action against unlicensed contractors targeting homeowners affected by Hurricanes Helene and Milton. In collaboration with NASCLA, DBPR conducted a focused two-week operation with the Pinellas County Sheriff’s Office, resulting in over 50 arrests and the prevention of fraudulent schemes amounting to $250,000 in unlicensed contracting. During the operation, unlicensed contractors tried to solicit payments for 85 projects, spanning plumbing, electrical, roofing, and more. Notably, 21 of those apprehended were not local contractors and had past criminal records, including convictions for operating without a license, theft, and fraud. To report any suspicions of unlicensed contracting, homeowners can contact DBPR via the Unlicensed Activity Hotline at (866) 532-1440 or visit MyFloridaLicense.com. https://lnkd.in/embeqAMs

During International Fraud Awareness Week, we aim to shed light on the pervasive problem of contractor fraud in Florida. Contractor fraud is a serious issue in Florida. Recent data reveals staggering losses amounting to billions of dollars, underscoring the urgent need for vigilance to combat this threat within our communities. To protect yourself, be thorough in researching contractors before making any commitments. Look out for common tactics used by fraudulent contractors, such as asking for a cash payment up front or rushing you to sign a contract. Talking to past clients, checking for license claims, and having a lawyer review any contracts before signing can help to mitigate being taken advantage of. Remember, prevention is key—do not hand over any money until you have thoroughly vetted the contractor. Searching a contractor's license on the MyFloridaLicense.com portal - a part of the Florida Department of Business and Professional Regulation (DBPR) - can help to verify the legitimacy and credibility of the contractor by providing insights into their licensing history and any reported claims. Doing your due diligence will help you make informed decisions and avoid the risks of hiring unreliable or fraudulent contractors. https://lnkd.in/eVrH2k2T

That’s one big load of 💩.

Florida's law enforcement is getting tough on shady contractors. The Pinellas County Sheriff's Office snagged over 100 suspects – 45 for looting, and 65 for posing as legit repair workers in a sting operation. With 130 detectives on the lookout, Florida's sending a clear message: scammers won't be tolerated. Florida's dedication remains unwavering: to safeguard and serve, ensuring the state's rebuilding efforts are led by those of integrity. The mandate is clear – Florida has zero tolerance for games; we are committed to protecting our residents and promoting fraud-free restoration. https://lnkd.in/eZ8hpgai

Hurricane Helene's impact on the National Flood Insurance Program (NFIP) policyholders is unfolding as one of the most financially significant in the agency's history. Documents from the Federal Emergency Management Agency (FEMA) reveal that in the wake of Helene, more than 54,000 claims have been filed, signaling an overwhelming call for aid and marking a sobering milestone for the NFIP. By October 25, FEMA's response included the allocation of approximately $480 million towards helping policyholders manage the costs of necessary property repairs and replacements. This is a harsh reality faced by homeowners - even minimal flood damage can lead to substantial financial loss, with as little as one inch of water potentially costing $25,000 in home repairs. The devastation rendered by Helene was widespread and impacted areas not traditionally associated hurricane damage. Storm surge was the primary peril that impacted homeowners as a result of this storm, and many homeowners in its path, because they were not in NFIP- designated flood zones, did not purchase flood insurance. The onslaught of hurricanes such as Helene highlight the need for all homeowners to purchase flood insurance. Between flash floods, hurricanes, mud slides and storm surge activity, almost every area of the U.S. is vulnerable to this natural disaster. https://lnkd.in/eV3RpV3m

Projected to potentially exceed a valuation of $50.3 billion by 2036, Third-Party Litigation Funding (TPLF) is experiencing startling growth. Yet its broader impact has morphed into a controversial and, arguably, parasitic element within the legal ecosystem. Fundamentally, TPLF enables shady external financiers to inject capital into legal disputes for a slice of any potential winnings, creating a predatory cycle that fundamentally distorts the justice system into an opportunistic playground for those with deep pockets. This often leads to inflated claims and subsequently, higher insurance premiums for homeowners—an unavoidable economic consequence. This trend towards litigation commercialization not only prolongs legal battles but also inflates the operational costs of businesses, particularly insurers, who are then compelled to pass these costs onto homeowners through exorbitant premiums. The unbridled spread of TPLF is poised to dismantle the foundation of fair justice and will crush homeowners irreversibly under its weight. https://lnkd.in/ex_JDXqp