Profits are up more than 50 percent at Florida’s largest private property insurer, but a business practice characterized as “abusive and inappropriate” by a state advocate is infuriating homeowners like Michael and Barbara Wyman.
The Wymans said Universal Property and Casualty Insurance Co. of Fort Lauderdale seemed happy to take their premiums since 2011. But when they experienced more than $10,000 in water damage at their Delray Beach home, the couple said, they were stunned that Universal voided their policy instead of paying the claim.
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