Putting The Power In The People’s Hands

Recent hurricanes lead to insurance rate hikes

On Behalf of | Nov 2, 2018 | Hurricane Damage Claims

In 2018, homeowners insurance rates in Florida went up by as much as 15 percent. In the aftermath of hurricanes Florence and Micheal, rates are set to go up again by as much as 20 percent. This may be true whether a person lived in an area impacted by a hurricane or not. However, where a person lives will likely play a role in how much more they will pay for coverage.

It is also possible that the rate increases are not over with, according to a representative from College Park Insurance. As there have been many hurricanes in the state over recent years, insurance rates could go up three times in the next four to five years. In addition to the Florida hurricanes, insurance companies nationwide are dealing with the fallout from California wildfires.

After a natural disaster, insurance companies may face millions of dollars or more in claims that must be paid out to policyholders. To guard against a greater likelihood of paying out future claims, insurance premiums will probably increase. However, those who pay their premiums as agreed are entitled to receive full benefits as outlined in their policies. Those who have a claim for hurricane damage wrongfully denied may benefit from seeking out the assistance of legal counsel.

The same may be true if a claim is partially denied or if policyholders get less than what their policy calls for financially. An attorney may use evidence such as the policy itself to argue that an insurance company acted in bad faith. This could lead to compensation from the insurer in question. If a claim is denied upon appeal, an attorney may help a homeowner find other ways to repair their damaged property.