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Feb 13 2012Consumer Fraud
A consumer fraud lawsuit has been filed against Citizens Property Insurance Corp. claiming the company relied solely a software program to overvalue the costs for replacing properties of homeowners.
According to the Miami Herald, the Florida Association for Insurance Reform and the Beausoleil Law Group Florida filed the complaint, which alleges that Citizens used software called 360Value last year instead of utilizing any real estate appraisers or independent general contractors as well. This led to several complaints from Citizen’s customers who said their homes were being overvalued by the software.
The complaint states that “Citizens has been and wants to continue increasing revenue and reserves without having to fight the Florida legislature for a rate increase. They are literally sidestepping legislative action at the expense of the almost 1.5 million Florida taxpayers that are being forced to pay higher premiums because Citizens intentionally misrepresents property values.”
Citizens is run by Florida State and insures more homes there than any single private company, reports Tampa Bay CBS affiliate WTPS-TV.
If you have been harmed by consumer fraud, contact Sokolove Law for a free legal consultation and to learn about your legal options.
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