After a storm hits, people tend to look for obvious signs of structural damage in their home. There are many signs that something is amiss that might not be noticeable right away. Keeping an eye out for these can help you to catch problems before they advance.
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.
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.
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.
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.
One of the best things that a homeowner can do is to purchase insurance on their investment. Not only does it protect the structure, the policy can offer a lot of other benefits and coverages. It is imperative that anyone with this type of insurance knows some basic points.