Individuals in the Miami, Florida, area should be aware that a major property insurer is reopening claims left over from Hurricane Irma. More than a third of the claims have been revived.
According to the Florida Office of Insurance Regulation, losses attributed to Hurricane Irma are estimated to be $7.38 billion. That is about $600 million lower than an estimate made in February. Most of the damage occurred in the southern part of Florida, and a majority of the damage occurred to residential property. Of claims that have been made, 32 percent did not result in a payment being made.
Florida residents who were impacted by Hurricane Irma are wondering why the pace of recovery is so slow. Some are worried that they will go into the upcoming hurricane season still in need of federal aid to recover from last September's storms. Residents say that they are not getting any response from FEMA when they inquire about help rebuilding. FEMA says that it is going to stop using trailers in June, which is when hurricane season starts.
As a homeowner in the state of Florida, you understand that your property could be subjected to heavy storms every now and again.
The estimates and payments provided to some customers of Citizens Property Insurance after Hurricane Irma might change. The insurance company that operates with backing from the state announced that it has reopened over one-third of 66,761 claims for damage after the storm. The insurer plans to review repair estimates for heavily damaged properties and disputed claims. Benefit claims that lacked repair estimates from contractors will also come under scrutiny.