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Most Common Insurance Frauds

Most Common Insurance Frauds

In 2016, the Coalition Against Insurance Fraud found that 61 percent of the surveyed respondents thought that fraudulence in the insurance industry has increased. It is estimated that the insurance industry loses more than $30 billion every year to casualty/property fraud alone. This does not include false claims in health care or auto insurance.

Insurance fraud is committed when different parties—applicant, policyholder, third-party claimants, or any insurance agency in Florida—act to commit fraud in any part of the insurance process. It is a federal crime and is punishable under the law. Some of the most common insurance frauds include:

  • Misrepresentation of facts during the application of insurance
  • Padding or inflating the actual claim
  • False claims for injuries or accidents that didn’t happen by business owners with general liability insurance in Tampa, Florida in order to get compensation and prevent financial losses
  • Services that were not provided as detailed in the policy availed

Make sure that you provide the correct information when you apply for an insurance policy or that the claim you’ll file is true to avoid legal consequences.

If you are looking for legitimate insurance services in Tampa, Florida, then look no further because All Insurance Florida is committed to giving you genuine and full insurance service. We are committed to providing you with quality protection at a competitive price.

Should you want to know more about different insurance policies, call us now: 813-969-2400.

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