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Hurricane Damage Claims Archives

Insurance delays plague Florida homeowners 1 year after Irma

An emergency declaration issued by Gov. Rick Scott after Hurricane Irma allowed insurance companies to lower their hiring standards for insurance adjusters. The loosened regulations were meant to speed up the evaluation of hurricane damage and claims processing. One year after the serious storm, thousands of policy holders continue to wait for money, and many people blame inexperienced adjusters for the widespread delays.

Lawsuit filed against insurer due to Hurrican Irma damage

In September 2017, Hurricane Irma caused billions of dollars in damage throughout Florida and other areas of the South. Nearly a year after the hurricane hit, some people are continuing to have damage claims paid by their insurers. In one case, a homeowner filed a lawsuit in state court.

Hurricane damage claims affect insurance industry

The damages caused by Hurricane Irma in Florida aren't only having a serious impact on homeowners whose properties have been damaged; reinsurers also noted significant losses as a result of the numerous claims resulting from the severe storm. In earnings reports issued by Everest Re, net income fell 70 percent over income in the same quarter one year before. A net reserve charge of $250 million after taxes was a significant factor, and it came about because a number of claims related to the hurricane were reopened. Earlier reports that the claims were closed and finalized were incorrect, according to one executive.

Almost a year later, damage remains after Hurricane Irma

Almost a year has passed since Hurricane Irma wreaked havoc in Florida, but many homes have still not been repaired. In Brevard, homes and businesses sustained losses of $157 million during the hurricane. People in the county submitted 45,458 insurance claims after the storm. While 93 percent of the claims have been closed, 3,065 were still open as of June 2018.

Federal flood insurance program receives last-minute renewal

At the end of July, President Donald Trump signed a four-month extension of the National Flood Insurance Program, a critically important support for Florida homeowners who have or will go through a hurricane season. The program was due to expire at midnight upon the end of the month, but both houses of Congress approved the extension on the last day before the President's signature. This is the seventh short-term reauthorization for the program, which is struggling to survive amid challenges about the costs.

Insurance can provide financial protection after a storm hits

If a homeowner in Florida is impacted by a hurricane, a homeowners insurance policy may cover some of the damage incurred in the storm. For instance, a claim may be approved if a tree branch falls through the roof and allows water to enter. However, if water entered on its own, a homeowner would only be covered if he or she had a flood insurance policy.

Why flood insurance can be beneficial

Florida residents should know that homeowners insurance policies do not provide any type of flood insurance. It is also important to understand that it can be hard to define what a flood is because it can be caused by anything from poor drainage to the landfall of a hurricane. However, when water enters a home, the damage that water causes may be covered by a policy from the National Flood Insurance Program.

How to buy hurricane or flood coverage

Florida residents may have heard that forecasters are predicting an active tropical storm season. To protect themselves financially, it may be worthwhile to purchase hurricane and flood insurance. Flood insurance is required for a person who lives in a storm zone if he or she is using a government-backed loan to purchase it. While homeowners' insurance policies may cover some damage caused by a storm, it may be best to purchase hurricane insurance.

New insurance company offers hope to homeowners

Florida residents who experienced damage from Hurricane Irma may not have been able to get money from their insurance company because the amount of damage that they experienced didn't exceed the cost of their deductible. In some cases, FEMA has denied claims saying that private insurance companies should pay them instead. However, a company called StormPeace is offering to send money to cover damage done to homes without the need for an inspection or a deductible.

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