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October 2018 Archives

Florida insurers expected to weather Hurricane Michael losses

Although Floridians are just beginning to calculate the damages caused by Hurricane Michael, insurance industry analysts have reported that insurers in the state will be able to survive the heavy hit. Michael landed in the less densely populated Panhandle, and the backup reserves of the small and medium-sized insurance companies that write homeowners' policies in the state should cover expenses.

An inaccurate W-9 can delay property insurance payments

The delay in receiving insurance proceeds for a property damage claim can be an extremely frustrating experience. The homeowner wants repairs made, and the insurance company wants to make sure it is paying the correct party. As people in Florida have found out, a finance company or bank holding a security interest can hold up payment.

When an insurer violates its own obligations

Florida homeowners facing damage from Hurricane Irma may also be struggling with their insurance companies. Unfortunately, some insurers might delay or deny payment for a legitimate claim. In some cases, this denial violates the terms in the company's own insurance policy. When an insurance company fails to act in a reasonable manner during the processing, investigation or payment of a valid claim on a policy, the homeowner may have the right to pursue a claim for bad faith against the insurance company.

Irma insured losses estimated at $10.45 billion

The CFO of Citizens Property Insurance has said the insurer is incredibly strong financially despite handling more than 70,000 claims related to Hurricane Irma, which hit Florida during September 2017. In total, the company has sustained losses in the amount of $1.81 billion related to Irma. Approximately 16 percent of Citizens' 442,629 policies had claims related to the hurricane.

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