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 Damage Claims
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...
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...
Florida CFO holds event to facilitate hurricane claim payments
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. In response to this, the chief financial officer for Florida conducted an event on Aug. 16 and 17 designed...
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...
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...
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...
The cost of outdated maps on Florida homeowners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....
It may be difficult to get tax relief after a storm
The Tax Cuts and Jobs Act changed the tax treatment of property damage caused by floods and other natural disasters. Florida residents may only be able to claim a deduction for damage that occurs during a federally recognized disaster. Hurricanes and other tropical...
Just one more year to file Hurricane Irma insurance claims
Florida residents who own homes that sustained damage during Hurricane Irma are getting close to the time when they will need to file an insurance claim if they want help funding recovery costs. They have three years from the time a hurricane makes landfall to notify...