In the modern world, insurance policies are an important part of guarding against disaster or unforeseen difficulty. Depending on the complexity of your life and your assets, you may have numerous insurance policies that cover many different areas. Unfortunately for many policy holders, insurance companies often value their own bottom line above the needs of their customers, leading them to look for any reason they can find to avoid paying out whenever possible.
Both homeowners and contractors in Florida say they are experiencing frustrating delays from insurers as efforts to rebuild and recover from Hurricane Michael continue. However, some insurance providers are refuting these claims, stating that initial low estimates may be corrected later. They assert that it takes time to make appropriate adjustments. Still, some homeowners in hurricane-damaged neighborhoods remain frustrated with the claims process.
Florida lawmakers have begun the process of estimating the damages to the mostly rural and low-income Panhandle region that bore the brunt of Hurricane Michael in October 2018. The state senate's Banking and Insurance Committee chairman said that the state needed to gather figures about the short and long-term costs of the storm to evaluate what the state could pay for and what was needed from the federal government.
On Oct. 10, 2018, Hurricane Michael destroyed a portion of the Florida Panhandle, killing more than 40 people and inflicting at least $6.5 billion in property losses. As many as 375,000 people were forced to evacuate prior to the storm's arrival. Since that time, there have been more than 135,000 property insurance claims filed, and at least 100,000 people and 16 counties are seeking assistance through federal and state agencies.
Thousands of Florida homeowners are still waiting for much-needed insurance payouts from the damages caused by Hurricane Michael. The state's insurance commissioner called on insurance companies to take action to close the over 42,000 outstanding hurricane damage claims related to the storm that hit Florida in October 2018. The commissioner issued a letter to insurers, reminding them that undisputed homeowners' insurance claims must be paid out within 90 days of receipt under state insurance laws.