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September 2019 Archives

Thousands of Hurricane Michael insurance claims are still open

More than 18,000 insurance claims filed over property damage caused by Hurricane Michael last October have yet to be settled, according to Florida Insurance Commissioner David Altmaier. The information was disclosed during a Senate Banking and Insurance Committee panel on Sept. 17.

Many homeowners lack flood insurance

Many Florida homeowners have dropped their flood insurance policies, despite continuing to face serious risks from hurricanes and other storms that could lead to significant floods. Tens of thousands of people could be at risk of financial devastation in case a hurricane or storm causes flooding. Traditional homeowners' insurance policies do not usually cover damage caused by flooding. During Hurricane Dorian, 59 different counties were subject to evacuation order. While homeowners in these counties held 734,445 flood insurance policies in 2011, that number had declined to 508,731 policies by 2019.

Hurricane costs for insurers could lead to higher premiums

UBS analysts studying the damage and expected damage of Hurricane Dorian predicted that insurers would have to raise their prices in Florida and elsewhere. Estimates for damages arising from natural catastrophes in 2019 reached $70 billion. Analysts anticipate that these high costs could diminish excess capital.

Understanding hurricane damage claims and what is covered

Florida is a pleasant place to live due to the warm and agreeable climate, but its location leaves it vulnerable to hurricanes. Being victimized by a hurricane can result in property damage. Residents of the state should be aware of many factors involved with the unfortunate nature of being in a hurricane's path. A significant portion of preparation is having sufficient insurance to pay for damage and loss. Even people who believe they are adequately protected can be surprised when there is an insurance claim denial after a hurricane. Preparation is key.

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