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How homeowners can protect themselves financially

Florida residents may not be ready for the financial losses a natural disaster such as a hurricane could cause. In 2018, they caused $160 billion in damage throughout the country. According to the National Oceanic and Atmospheric Administration (NOAA), there have been nine weather events that have caused over $1 billion in damages through July 2019. NOAA predicts that there could be up to 15 named tropical storms in 2019.

As many as eight of those storms could become hurricanes, which means that they have sustained winds of up to 74 miles per hour. While having homeowners insurance can help protect a person in the aftermath of such a storm, it is only part of an overall preparedness plan. This is because individuals in Florida will likely need to pay a hurricane deductible, and the deductible can equal up to 5% of the home's value.

Therefore, it could be necessary to have thousands of dollars on hand to help pay for any damage a storm causes. Homeowners may also want to have flood insurance to further protect themselves financially. Installing shutters on a home or taking other proactive steps to secure a property can keep damage to a minimum. Ideally, individuals will talk with their insurance providers before a storm to determine if their current policies are adequate.

A valid insurance policy may be able to help cover the cost of roof damage or other losses that a homeowner incurs. If a claim is denied, an attorney may help an individual work with the insurance company to resolve the matter. If informal talks do not produce results, a bad faith lawsuit might be necessary,

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Mintz Truppman, P.A.
1700 Sans Souci Boulevard
Miami, FL 33181

Phone: 305-893-5506
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