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Hurricane Damage Claims Archives

Florida homeowners face growing insurance costs

Some analysts say that Florida homeowners are facing unprecedented homeowners' insurance premiums, but the growth in fees cannot be attributed to hurricanes, floods and other natural disasters. Instead, analysts claim that provisions in the state's insurance laws allow contractors to exploit the system to obtain high payments at the expense of insurance companies and, eventually, homeowners. State law allows for Assignment of Benefits, or AOB, under which homeowners can assign the right to their benefits to a third party.

Recovery efforts underway after Hurricane Michael

In October 2018, Hurricane Michael made landfall in Florida, which lead to 35 people losing their lives. At the time of landfall, the storm had sustained winds of 155 miles per hour, and it was noted for its rapid intensification just before impacting land. Both storm surge and fallen trees caused significant property damage in Mexico Beach and surrounding areas. Furthermore, building codes did not require that structures in the area be able to resist the storm's strong winds.

More than a million Hurricane Irma claims have been filed

The impact of Hurricane Irma on Florida has become even clearer with the release of figures by the State Office of Insurance Regulation showing that more than a million insurance claims have been filed because of this storm. Estimated losses have already passed $11 billion, according to the state agency that tracks insurance losses and claims. While claims have slowed down since the storm hit in September of 2017, thousands of additional hurricane-related claims continue to be filed on a regular basis.

Citizens Insurance avoids brunt of Hurricane Michael claims

As the Office of Insurance Regulation continues to tally insurance claims arising from Hurricane Michael, Citizens Property Insurance Corp. announced that the storm will not negatively impact its finances. The bulk of personal policies written by Citizens apply to properties in South Florida, and damage from Michael was concentrated in the northwest region of the state.

Hurricane Michael damage claims continue to rise

Florida homeowners are facing significant losses from Hurricane Michael, a Category 4 storm that caused serious damage along the Florida Panhandle in October. The Florida Office of Insurance Regulation said that estimated insured losses from the hurricane are greater than $2.1 billion to date. The office also said that there were 110,183 insurance claims filed for hurricane damage and that 26.1 percent of the claims had been closed by the end of October. The state agency compiled these statistics based on reports from all insurers.

Recent hurricanes lead to insurance rate hikes

In 2018, homeowners insurance rates in Florida went up by as much as 15 percent. In the aftermath of hurricanes Florence and Micheal, rates are set to go up again by as much as 20 percent. This may be true whether a person lived in an area impacted by a hurricane or not. However, where a person lives will likely play a role in how much more they will pay for coverage.

Florida insurers expected to weather Hurricane Michael losses

Although Floridians are just beginning to calculate the damages caused by Hurricane Michael, insurance industry analysts have reported that insurers in the state will be able to survive the heavy hit. Michael landed in the less densely populated Panhandle, and the backup reserves of the small and medium-sized insurance companies that write homeowners' policies in the state should cover expenses.

Irma insured losses estimated at $10.45 billion

The CFO of Citizens Property Insurance has said the insurer is incredibly strong financially despite handling more than 70,000 claims related to Hurricane Irma, which hit Florida during September 2017. In total, the company has sustained losses in the amount of $1.81 billion related to Irma. Approximately 16 percent of Citizens' 442,629 policies had claims related to the hurricane.

Program aims to support Florida homeowners with hurricane damage

According to the Florida Department of Economic Opportunity, some hurricane assistance is available to residents whose homes were damaged by 2017's Hurricane Irma. The $616 million program is making funds available to low-income residents in specified counties. The first counties eligible for the funds are Duval, Monroe, Broward, Collier, Lee, Miami-Dade, Brevard, Orange, Polk and Volusia. In addition, people in some parts of DeSoto, Bradford, Clay and Flagler counties are eligible for assistance from this state program.

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.

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