Initial figures for losses from Florida hurricane released

Some Florida homeowners who have received partial insurance payments in the aftermath of Hurricane Michael may be owed more money by insurers. To actually get these funds, however, they may have to reopen their claims. While the overall estimated losses are $5.6 billion, many of those claims might be reopened and the cost could go much higher.

Most common and most expensive business insurance claims

Florida business owners may be most likely to file insurance claims following burglary or theft, but the most expensive type of claim is reputational harm with an average cost of $50,000. Vehicular accidents are the second most costly. However, these are both the least common of the top ten claims businesses may file according to a study by The Hartford Financial Services Group, Inc.

State lawmakers seek almost $500 million for hurricane recovery

The widespread storm damage from Hurricane Michael that hit the northwest part of Florida with 155 mph winds in October 2018 has prompted state representatives to submit over 100 proposals seeking funding during the next legislative session. Their various proposals as of the middle of February have added up to close to $500 million.

Not filing a business insurance claim may be wise

Many Florida small business owners have a lot invested in their enterprises. Even when it's not mandated by contractual obligations, such as in commercial property leases, it simply makes sense to stay protected against certain risks by carrying business insurance. They say that insurance may be the only product both seller and buyer hope never to use. If a loss occurs, however, it seems logical for the business owner to file a claim and receive a compensatory payout. Under some circumstances, that may not be true.

A home insurance claim denial can be challenged

There are many sayings about insurance that although humorous, have some basis in truth. Two of the wittiest are, 'It is the only product that both the seller and buyer hope is never actually used," and 'Education is what you get from reading the fine print; experience is what you get from not reading it." The bottom line is that when a Florida homeowner files a claim for some loss associated with his or her home, there is an expectation the claim will be handled expeditiously and payment will be forthcoming. Often, however, this is not the reality.

Federal government boosts hurricane damage reimbursement

Many homeowners in Florida hope that a positive announcement about federal funding for hurricane damage may soon be followed by action from their own insurance companies. Hurricane Michael hit the state hard on Oct. 10, 2018, causing billions of dollars in damage to agricultural enterprises, businesses, public facilities and homes. Florida Gov. Ron DeSantis announced that, following a meeting with President Trump, the federal government had extended an offer for full reimbursement of hurricane cleanup costs in Panhandle communities.

Email Us For A Response