3 home insurance companies fined thousands of dollars in Florida

WEST PALM BEACH, Fla. — WPTV is tracking new developments in Florida's insurance coverage collapse.

We've learned that three companies have been fined by state regulators for violations involving adjusters and handling claims.

The fines were posted on the Office of Insurance Regulation website, dated Aug. 18.

WATCH BELOW: 3 home insurance companies fined thousands of dollars

The three companies named in the consent orders are:

TYPTAP
Fined $150,000
* Failure to acknowledge Hurricane Ian claims communications within 14 days
* Failure to provide disclosure when providing prelim or partial estimate of damage in a claim

SUTTON NATIONAL
Fined $50,000
* Using adjusters who were not properly appointed
* Failure to provide disclosure when providing preliminary or partial claims payment

AMERICAN COASTAL
Fined $400,000
* Using adjusters who were not properly appointed
* Failure to acknowledge Hurricane Ian claims communications within 14 days
* Failure to include name and license number in communication about claim
* Failure to pay or deny initial, supplemental, or reopened claims in 90 days

"We're happy to see the market conduct investigations happening," said Doug Quinn with the American Policyholder Association.

Quinn has been critical of how many Florida insurers handle claims and keeps pushing for more enforcement.

"Some people will look at these fines and say it's just a slap on the wrist compared to the money they're bringing in and the money that they're shorting policyholders on. I don't know if I disagree with that," Quinn said. "I do know the reality is that Florida policyholders are getting some of the worst treatment in the country."

This year seems to be bringing better times for insurance companies in Florida, with reported profits and some lowering rates.

"We've had 15 companies start up in the last 24 months, and that's more companies we've ever seen starting up in the state of Florida in that short period of time," Jeff Brandes with the Florida Police Project said.

The fines do seem to be an indication of both the insurance commissioner and new CFO Blaise Ingoglia keeping a close eye on insurers in Florida and how they do business.