A couple in Florida claimed that their insurance company did not pay them enough to fix damage caused by Hurricane Irma in 2017. While they did eventually get the insurance company to increase its payout to $17,647, the couple says that the check still has not arrived. The couple claims that the roof still needs to be fixed and could start to leak at any time.
A Florida roof that's over 15 years old could lead to an increase in homeowners' insurance. Furthermore, a homeowner could be denied a policy completely if a roof was installed 19 or more years ago. However, most roofing materials are designed to last for at least 30 years or more. Therefore, rushing to put up a new roof could be a waste of money.
Many Florida homeowners have suffered greatly as a result of hurricane damage in recent years. Now, they may face higher insurance rates as insurance companies cite unprecedented levels of growing losses after Hurricane Irma. In addition, industry experts said that their costs related to assignment of benefits (AOB) lawsuits and loss investigations are driving up their expenses.
Florida's next state budget may include a number of proposals to address damages caused by Hurricane Michael. Legislators have proposed repairs to the Mexico Beach Pier and Florida State University among over 100 projects that aim to repair damage caused by the October 2018 hurricane that swept through Northwest Florida. Over $500 million in budget requests have been made dealing with hurricane-related problems as well as proposals to bolster building safety in case of future damaging storms.
Florida residents who have been impacted by a hurricane could experience significant commercial or residential property damage. While insurance companies may cover some or all of the cost of such damage, this isn't always true. The first step a property owner should take is to read his or her policy to determine what is covered and what isn't. Generally speaking, flood insurance is sold separate from homeowners or similar policies.
Florida residents may be pleased to learn that debris cleanup from Hurricane Michael will continue to be reimbursed by the federal government. Communities in the Panhandle area of the state will reportedly save hundreds of millions of dollars as a result of the federal decision, said the director of the Florida Division of Emergency Management. Earlier, the eastern Panhandle had been directed to choose five days of cleanup from the storm to receive full federal reimbursement of all costs. However, this 5-day period was extended to 45 days after a meeting between state officials and President Trump.
Both homeowners and contractors in Florida say they are experiencing frustrating delays from insurers as efforts to rebuild and recover from Hurricane Michael continue. However, some insurance providers are refuting these claims, stating that initial low estimates may be corrected later. They assert that it takes time to make appropriate adjustments. Still, some homeowners in hurricane-damaged neighborhoods remain frustrated with the claims process.
Florida lawmakers have begun the process of estimating the damages to the mostly rural and low-income Panhandle region that bore the brunt of Hurricane Michael in October 2018. The state senate's Banking and Insurance Committee chairman said that the state needed to gather figures about the short and long-term costs of the storm to evaluate what the state could pay for and what was needed from the federal government.
On Oct. 10, 2018, Hurricane Michael destroyed a portion of the Florida Panhandle, killing more than 40 people and inflicting at least $6.5 billion in property losses. As many as 375,000 people were forced to evacuate prior to the storm's arrival. Since that time, there have been more than 135,000 property insurance claims filed, and at least 100,000 people and 16 counties are seeking assistance through federal and state agencies.
Thousands of Florida homeowners are still waiting for much-needed insurance payouts from the damages caused by Hurricane Michael. The state's insurance commissioner called on insurance companies to take action to close the over 42,000 outstanding hurricane damage claims related to the storm that hit Florida in October 2018. The commissioner issued a letter to insurers, reminding them that undisputed homeowners' insurance claims must be paid out within 90 days of receipt under state insurance laws.