South Florida property owners haven't been hit with large insurance rate increases after enduring a rough 2017 hurricane season. Some insurance analysts had expected rates to jump between 10 percent and 20 percent in 2018, but rates in the Miami area have only spiked between 5 percent and 10 percent.
Some Florida residents who experienced roof damage in the aftermath of Hurricane Irma are still waiting for help rebuilding eight months later. One woman claimed that the damage to her home was about $25,000, and she said that there was no point in cleaning the rest of the home until the roof was fixed. However, the homeowner said that she didn't have homeowners insurance and that FEMA had not been able to offer any assistance.
On June 1, Florida's hurricane season officially starts. However, some homeowners may be unaware that they need to purchase flood insurance earlier than that date to ensure their property is covered.
Many Florida residents were impacted by Hurricane Irma, prompting homeowners to file claims against their insurance companies. The top 20 insurers in Florida were served with nearly 11,000 lawsuits in during the first quarter of 2018. This represents a 61.5 percent increase over the number of claims filed during the previous year. This increase could cause insurance costs to rise next year when homeowners apply to renew their insurance contracts.
After a property fire, it is common to feel pressure to resolve a fire insurance claim as quickly as possible, especially if the property that suffered fire damage is your home. Depending on the severity the fire damage, you may have quite an ordeal ahead of you, one that may resolve unsatisfactorily or may trail on for months or years if the insurance company does not meet their obligations in a reasonable time period.
After Hurricane Irma, some Florida residents learned about what their flood insurance would and would not cover in a hard way. While flood insurance policies will repair the structure of homes, the policies will not pay to replace the damaged contents of the home unless the homeowners have opted to add content coverage to their flood insurance policies.