Many Florida families who filed insurance claims after Hurricane Michael might still not have received payment. At the end of June, 21,000 claims remained open.
Florida CFO holds event to facilitate hurricane claim payments
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Over $600K in hurricane claims paid at Insurance Village event
The Chief Financial Officer for the State of Florida announced that insurance companies wrote checks totaling $631,000 at a recent Insurance Village event. Hosted by Gulf Coast State College, the Insurance Village brought together agents from 22 insurance companies so that people could inquire about their Hurricane Michael insurance claims. The CFO reported that agents met with 144 people.
Insurance is critical in Florida hurricanes
Hurricanes can be costly for many homeowners in Florida who rely on insurance policies to pay for damages after a serious storm. Indeed, Florida storms extract a financial cost as well as a physical one. Between 1987 and 2016, damages from storms in Florida comprised 13 of all insured losses across the country. While hurricanes can strike elsewhere, six of the 10 most damaging hurricanes in the nation's history hit Florida during at least part of their paths. In 2004 and 2005 alone, four of these storms hit the state, inflicting damage on top of existing damage.
Floridians still suffering from Hurricane Michael
It seems like Floridians must worry about the possibility of storm damage after a serious hurricane every year. Many residents count on their insurance companies to help them negate their losses and rebuild after a hurricane. Nevertheless, thousands of property owners in Florida are still waiting for payments from Hurricane Michael, which struck in October 2018.
The cost of outdated maps on Florida homeowners
Florida homeowners must always be concerned about the possibility of hurricane damage. In doing so, they often rely on flood maps from the Federal Emergency Management Association (FEMA) to help them determine the amount and type of insurance they should carry. However, the agency hasn't updated many of its maps in quite some time, resulting in a number of Sunshine State residents being seriously underinsured.
