How Florida property insurers keep secrets from policyholders — with the state’s help
Florida property insurers are keeping secrets.
Empowered by industry-friendly state statutes and court rulings, they’re blocking access to information about how their firms set premiums, handle claims, and shift profits out of the reach of regulators. They insist it wouldn’t be fair for their competitors to learn these critical “trade secrets.”
But Florida’s trade secrets shield also blocks homeowners from comparing insurance companies, and keeps information from policy holders that could bolster claim payouts for repairs.
And state regulators won’t step in to decide whether all this information really needs to be kept confidential. Instead, they force aggrieved information-seekers to fight it out with insurers and their well-compensated lawyers in court.
Jeremy Berman could tell you how well that goes. The Fort Myers Beach homeowner fought for two years to see records his insurer, Olympus Insurance Co., compiled before denying coverage of damage Berman says was caused by Hurricane Ian’s winds in September 2022. He lost, like every one of the dozens of individuals who have challenged Florida insurers’ trade secret designations, according to a South Florida Sun Sentinel review of 15 years of court records.