In September 2017, Hurricane Irma caused billions of dollars in damage throughout Florida and other areas of the South. Nearly a year after the hurricane hit, some people are continuing to have damage claims paid by their insurers. In one case, a homeowner filed a lawsuit in state court.
Lawsuit filed against insurer due to Hurrican Irma damage
Hurricane damage claims affect insurance industry
The damages caused by Hurricane Irma in Florida aren't only having a serious impact on homeowners whose properties have been damaged; reinsurers also noted significant losses as a result of the numerous claims resulting from the severe storm. In earnings reports issued by Everest Re, net income fell 70 percent over income in the same quarter one year before. A net reserve charge of $250 million after taxes was a significant factor, and it came about because a number of claims related to the hurricane were reopened. Earlier reports that the claims were closed and finalized were incorrect, according to one executive.
Almost a year later, damage remains after Hurricane Irma
Almost a year has passed since Hurricane Irma wreaked havoc in Florida, but many homes have still not been repaired. In Brevard, homes and businesses sustained losses of $157 million during the hurricane. People in the county submitted 45,458 insurance claims after the storm. While 93 percent of the claims have been closed, 3,065 were still open as of June 2018.
Many Florida homeowners are underinsured
According to industry experts, approximately 80 percent of U.S. homes are underinsured. That percentage is likely higher in Florida due to the area's hurricane risk.
Federal flood insurance program receives last-minute renewal
At the end of July, President Donald Trump signed a four-month extension of the National Flood Insurance Program, a critically important support for Florida homeowners who have or will go through a hurricane season. The program was due to expire at midnight upon the end of the month, but both houses of Congress approved the extension on the last day before the President's signature. This is the seventh short-term reauthorization for the program, which is struggling to survive amid challenges about the costs.
Don’t wait to begin your weather damage repairs
Here in Florida, all of us face the very real possibility that a severe weather event may destroy, or at least significantly damage, our homes. If you are a homeowner in Florida, you understand that maintaining a strong grasp on your homeowner's insurance policy is extremely important, because it may be the thing that sets your life back in order after a weather disaster.
