In what is being seen as a significant win for property insurers, a Florida appeals court found that Universal Property and Casualty Insurance Co. did not breach the insurance contract when it paid just $8,125 on a homeowner’s Hurricane Sally claim.
The plaintiff’s attorney in the case said the ruling by Florida’s 1st District Court of Appeals, which issued its decision last week, creates another challenge for insureds by requiring an actual cash value estimate before filing suit, or they will be barred from prevailing in litigation.
“It’s the insurance company’s burden to apply depreciation