With the announcement of several major insurance companies pulling out of states like California and Florida, many are left to wonder what will become of their coverage. If you have Geico insurance coverage for your home, car, or company, you may worry that you’ll be left in the lurch when you need to make a claim.
For now, Geico is still offering coverage in Florida, though with recent layoffs for employees, it may mean getting the assistance you need to make a claim is more difficult. It can also make the limited staff that is available more prone to making errors in your claim.
What Types of Insurance Does Geico Provide in Florida?
In Florida, Geico provides all types of auto insurance. It also offers homeowners, renters, umbrella, travel, pet, and business insurance. Types of business insurance include workers’ compensation, general liability, and professional liability insurance.
If you have insurance with Geico for any type of policy, you are still covered by this policy as long as you are paying your premiums.
What Is Causing Insurance Turmoil in Florida?
There are numerous factors behind the insurance problems plaguing states like Florida. Among them is the toll of inflation. However, other factors are contributing to higher premiums and ultimately resulting in other insurance companies withdrawing from the state.
One thing that has continued to increase claims costs is the rise in car accidents. Florida has more drivers on the roads than ever before, increasing the risk of accidents.
Additionally, these accidents are more severe in nature, which means that insurance companies like Geico are paying out more on claims than they did before. The average payout is increasing, too, and car repairs themselves are becoming pricier as well.
Auto insurance policies aren’t the only reason that big insurance companies are leaving Florida. Severe weather has put a crunch on homeowners insurance policies. Hurricane and flood damage, particularly after Hurricane Ian blew through the state, were major factors.
More people making claims affects the bottom line for insurers. In other words, it creates a substantial loss for these companies, one that they aren’t willing to take.
What You Should Know About Your Geico Insurance Claims
As mentioned, Geico is still providing insurance coverage in Florida. However, you should be aware of how it and other insurers are working to minimize payouts on claims.
When you report your accident or damage to your home, make a workers’ compensation claim, or contact them for a claim on any other type of insurance policy, the insurance adjuster will have one goal in mind — to keep Geico’s bottom line the top priority.
Insurance adjusters examine the liability of all involved parties and the itemized expenses in the medical bills. There are many other factors they consider as well, and those could contribute to reduced benefits in your payout. In car accident cases, this is incredibly common, and most people mistakenly take the first offer without fully calculating the full extent of their damages.
Geico may be one of the top insurance companies in the state, but it can make mistakes when itemizing your claim, assigning too little for medical care. This can also happen in workers’ compensation cases, which may leave you with too little to cover your injuries or your lost wages from your work injury.
What Can You Do If Your Settlement Offer from Geico Is Too Low?
With any claim, though especially for workers’ compensation, it is wise to let an attorney take a look at things. This can prevent insurance adjusters from basing compensation for medical bills on reduced amounts in error. Law firms for workers’ compensation are well aware of these mistakes and can help spot them before you sign away your rights by accepting the offer.
1-800-Injured is an attorney and medical referral service. We can help you find professionals in your area to assist you.