Natural disasters can cost homeowners a lot of money

A homeowners insurance policy could help those who live in Florida pay for damages caused by a hurricane. However, it may not be enough to pay for all of the damage. This is because insurance companies may include a hurricane deductible, which can be as much a 5% of the home's value. Furthermore, water damage may not be covered unless an individual has a flood insurance policy.

Hurricane damages exceed $6.65 billion

Florida homeowners continue to struggle with their losses in the aftermath of Hurricane Michael. According to the state's Office of Insurance Regulation, losses covered by insurance are greater than $6.65 billion. The October 2018 storm led to the filing of 147,877 insurance claims. Nearly 15% of these claims remain open. The storm hit land in Mexico Beach and caused severe damage throughout Northwest Florida. Rated as a Category 5 hurricane, Michael destroyed homes, businesses, public lands and government facilities. Many people continue to rely on temporary housing or shelter and have not yet experienced the full restoration of utilities and services.

Many Floridians unfamiliar with lasting hurricane damage

While Florida residents who lived through Hurricane Michael are deeply aware of the extent of the damages caused by the storm, many people outside the region do not realize how much the hurricane continues to impact the lives of people in the area. Residents who continue to deal with cleanup, debris and unpaid insurance claims are angry at the lack of support they are receiving as well as the limited attention paid to the lingering effects of the storm. According to a survey of 1,000 Florida voters across the state, only 57% knew that continuing damages from Hurricane Michael continue to harm areas impacted by the hurricane.

Do you know what is inside your home?

You work hard for the things you have in life. Whether you collect fine art, love comfortable furniture or simply have an eclectic blend of belongings, you probably feel like you are intimately familiar with your things. Still, if you must file an insurance claim, are you confident that you can identify everything you own? 

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