Many Florida homeowners have suffered greatly as a result of hurricane damage in recent years. Now, they may face higher insurance rates as insurance companies cite unprecedented levels of growing losses after Hurricane Irma. In addition, industry experts said that their costs related to assignment of benefits (AOB) lawsuits and loss investigations are driving up their expenses.
Florida homeowners may face higher premiums
4 types of storm damage can mangle your home
To be able to recognize storm damage, you need to know the kinds to look for. By knowing the types of possible damage, you'll be better able to identify if they've affected your home or other structure.
State budget could include hurricane damage projects
Florida's next state budget may include a number of proposals to address damages caused by Hurricane Michael. Legislators have proposed repairs to the Mexico Beach Pier and Florida State University among over 100 projects that aim to repair damage caused by the October 2018 hurricane that swept through Northwest Florida. Over $500 million in budget requests have been made dealing with hurricane-related problems as well as proposals to bolster building safety in case of future damaging storms.
Homeowners insurance may not cover water damage
Most Florida homeowners would carry homeowners insurance even if it was not mandated by the terms of the mortgage loan on the property. After all, the family home is typically the single most valuable asset owned, and repairs for any damage to the home or liability for any incidents on the premises can be extremely costly. Among the types of losses that may occur, damage done by water poses a risk that can be very expensive to recover from. However, to the chagrin and surprise of some homeowners who proceed to file a claim, not all water damage is covered under the standard homeowner's policy.
The process of filing a claim after a hurricane
Florida residents who have been impacted by a hurricane could experience significant commercial or residential property damage. While insurance companies may cover some or all of the cost of such damage, this isn't always true. The first step a property owner should take is to read his or her policy to determine what is covered and what isn't. Generally speaking, flood insurance is sold separate from homeowners or similar policies.
Federal funds to help with hurricane damage recovery
Florida residents may be pleased to learn that debris cleanup from Hurricane Michael will continue to be reimbursed by the federal government. Communities in the Panhandle area of the state will reportedly save hundreds of millions of dollars as a result of the federal decision, said the director of the Florida Division of Emergency Management. Earlier, the eastern Panhandle had been directed to choose five days of cleanup from the storm to receive full federal reimbursement of all costs. However, this 5-day period was extended to 45 days after a meeting between state officials and President Trump.
