Ivo Labar of Kerr & Wagstaffe: More Seniors Opting Out of Property Insurance

NEW YORK, NY, August 27, 2012

Economic hardship manifests itself in different forms, with struggling American families seeking to cut costs or make sacrifices in a number of ways. According to a recent news report, Florida seniors are easing their financial burdens in a surprising and unorthodox fashion--by foregoing property insurance. While this trend may offer economic benefits, many insurance experts agree that it is ultimately an imprudent approach. Ivo Labar, a San Francisco lawyer who specializes in insurance law, has weighed in with a press statement, offering his own thoughts on the Florida trend.

Labar is a Partner with the law firm of Kerr & Wagstaffe. While the firm is known to many for its role in intellectual property and First Amendment cases, Ivo Labar specializes in complex litigation, often involving insurance law. In fact, he writes prolifically about insurance law on the firm's legal blog; he has also issued a response to the story about Florida's senior citizens.

"While you can't deny the economic reality these seniors are facing, forgoing property insurance is incredibly risky," says Labar. "Most people forget that, in addition to structural damage, property insurance pays for your personal property as well as additional living expenses during your relocation. Most people simply can't set aside enough money to cover all these expenses."

Ivo Labar's statement comes in response to the news that, as insurance rates skyrocket, many Florida seniors are making the "precarious" decision to drop coverage on their homes--despite the looming threat of hurricanes and other inclement, potentially disastrous weather. Because most of these elderly Americans own their homes outright, they have the option of not maintaining any kind of property insurance--a decision many are choosing to make.

According to the news report, many Florida insurers have increased their rates dramatically in recent years, largely in response to an adverse economy. In some instances, property insurance premiums have as much as doubled. For many Florida seniors, the math simply does not add up, and insurance seems like more trouble than it is worth. The news article also notes that many Florida seniors are drawing on Social Security, or are on otherwise fixed incomes, and have not received cost-of-living increases in several years.

Ivo Labar has represented both plaintiffs and defendants in a variety of complex cases, both at the state and federal level; often, these cases involve class actions, insurance policyholder rights, victims' rights, and other areas of complex litigation.

ABOUT:

Ivo Labar is a Partner at the Law Firm of Kerr & Wagstaffe, a San Francisco-based firm that takes on cases ranging from insurance law to intellectual property rights. Labar has tried a number of cases to verdict in both state and federal courts, representing both plaintiffs and defendants. He specializes in complex litigation, with an emphasis on class actions, insurance policyholder rights, and victims' rights. Labar's passionate advocacy for his clients has led to the recovery of settlements and verdicts in excess of $25 million. He is a graduate of the Hastings College of the Law, at the University of California.