Florida Regulators Recover $11 Million for Insurance Policyholders

July 30, 2010

The Florida Department of Financial Services says it has helped recover more than $11.1 million for Florida's insurance consumers in the first half of 2010.

"Especially in these tough economic times, it is so important that consumers understand their rights and get the money they're owed back in their pockets where it belongs," said CFO Alex Sink.

DFS said that one such recovery involved Ronald Rosen of Naples who suffered severe water damage at his home after pipes in the residence burst. The water damage left holes in the floor and forced Rosen to stay with friends while waiting for the insurance company to return his phone calls. After receiving the complaint through the DFS Consumer Helpline, one of CFO Sink's insurance consumer specialists was able to expedite the claims process.

"After I called the department the company returned my call the very next day," Rosen tod DFS. "I was ready to hire an attorney. This would have never been resolved without the department's help."

DFS said it helped Rosen recover more than $81,000 to repair his home.

In 2009, DFS reported helping recover $22 million on behalf of Florida consumers, and $14 million in 2008.