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Posts tagged "Hurricane Damage Claims"

Insurance law changed to curb assignment of benefits practice

Lawmakers in Florida approved a plan designed to restructure and lessen the importance of assignment of benefits, a common practice in the state's insurance industry. The Citizens Property Insurance Corp., which is backed by the state, faces thousands of lawsuits arising from Hurricane Irma claims. As of the end of April 2019, CPIC had 14,091 lawsuits pending against it, which is an increase of almost 14 percent over the 12,363 lawsuits that were pending one year prior.

New Florida initiative provides hurricane preparations

In order to help residents prepare for the next major hurricane that will inevitably make landfall, the Florida Chief Financial Officer started the Prepare Florida initiative. Even in a state where hurricanes make landfall somewhat regularly, many homeowners and other residents do not take the treat of a major storm seriously. This initiative is designed to give people in the state the resources they need to prepare both financially and physically.

Congress extends flood insurance program

Florida homeowners have found some temporary relief after the House of Representatives approved a two-week extension of the federal flood insurance program on May 30. This comes after the Senate approved the extension by voice vote the week before. While this vote will extend the National Flood Insurance Program until June 14, ongoing political conflicts have prevented the approval of a $19 billion bill that will cover a range of disaster aid programs. It includes a reauthorization of the flood program.

Survey shows concern about upcoming Florida hurricane season

After several large storms have battered the region in three years, the American Automobile Association surveyed 400 Florida residents to measure their concern about this year's hurricane season that generally starts at the beginning of June. An overwhelming 92% of respondents expressed worry about storms in 2019. A full 19% said that they were more worried about storm damage and flooding than last year.

FEMA urges people to buy flood insurance before hurricane season

The Federal Emergency Management Agency still has open disaster events throughout Florida in the Panhandle and Keys from last year. With the 2019 hurricane season about to begin, FEMA's chief executive of the National Flood Insurance Program publicly called for people to improve their disaster readiness. He reminded people that regular homeowners insurance does not cover flood damage. They should buy flood insurance to reduce suffering after a disaster.

Bill would update surplus lines regulations in Florida

A bill that would modify Florida insurance rules has been moved on to the governor's office for signature following its passage by state legislators. The bill includes a number of provisions related to insurance. It would increase the amount of reimbursement from the Florida Hurricane Catastrophe Fund from 5 to 10% for loss adjustment expenses. It makes clear that workers' compensation applicants do not need to have statements notarized and expands the applicability of discounts for multiple policies in some cases.

Get ready for an insurance claim before a storm hits

For some homeowners in Florida, the aftermath of a hurricane or other natural disaster may be the hardest part of the storm to get through. However, the process of filing an insurance claim and having it approved doesn't have to be a negative experience. Prior to severe weather occurring, it can be a good idea to take steps to protect a home such as repairing loose shingles or getting gunk out of gutters.

Florida changes regulations affecting hurricane insurance

In the wake of damage caused by hurricanes that wreak havoc across the state of Florida, residents often sign over their insurance benefits to contractors while on the road to recovery. This practice can often lead to abuse according to many advocates. The state government is attempting to solve this problem by passing legislation that allows homeowners to rescind the assignment of benefits within seven days, or 30 days if the contractor has not begun any work.

Homeowner's insurance rates on the rise, according to study

Some Florida homeowners may feel like they've been paying higher insurance rates in recent years. According to a study by an online insurance quote website, this is exactly what has been happening across the nation over the past decade. The study shows that rates have gone up as much as nearly 90 percent in some instances. Part of the reason for this trend may be the increase in natural disasters over the same period.

Hurricane Michael continues to leave behind damage

Florida homeowners are continuing to suffer from the aftermath of Hurricane Michael, even six months after the storm hit the state with 155 mph winds. Forty-nine people were killed by the hurricane as it blew through 12 Florida counties, and the emotional and economic recovery period is continuing to linger on. A number of houses were destroyed and have not been rebuilt, while road damage and downed trees also persist in some areas. Some homeowners are even experiencing delays related to their insurance claims for storm damage.

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