Many Florida homeowners may find themselves paying a higher price for homeowners' insurance than they did in the past. According to one study, the premiums paid for this type of insurance have risen by 88 percent in the past 10 years. A finance company said that ongoing natural disasters may be one reason for the increase, but insurance companies are continuing to bring in significant profits.
When a pipe bursts, the resulting water damage can be devastating to Florida homeowners. They may turn to their homeowners' insurance for coverage for the substantial bills that can shortly follow a significant plumbing problem. However, you may be surprised to learn that some insurers may delay or even deny claims for water damage caused by broken pipes, claiming that you should instead have additional flood insurance. Insurance companies are often dedicated above all to protecting their bottom line.
People in Florida are still struggling to recover from the effects of Hurricane Michael, even six months after the storm. The hurricane hit shore with winds of 155 mph and took 49 lives as it tore through two states and 12 counties in the Panhandle. Many are concerned that the recovery period could linger on for month or even years to come. The scenes of immediate disaster after the hurricane have been supplanted by those of ongoing damage: plain slabs where houses were destroyed, ongoing road damage and downed trees that continue to persist in areas of the state.
People expect their homeowners' insurance companies to pay for many types of damages in Florida. How damages are addressed, however, often does not become clear until people file claims. Most insurance companies now include a right to repair clause in their policies. This clause effectively gives the insurance companies complete control over who performs repairs and how they are done.
Commercial property damage claims can be complex and expensive affairs. But in the case of a Florida condominium complex, the damage claim reached new levels, including federal litigation. The condo owners in Ormond Beach recently brought an end to the litigation nightmare and returned to some form of normalcy.
When Florida homes are severely damaged by storms or other events, the restoration process can be extremely frustrating for all parties involved. Homeowners want the damage repaired as soon as possible regardless of the amount of funds readily available to cover the costs. However, contractors are often reluctant to begin the job until they receive assurance that they will be paid in a timely fashion once the job is complete.
In Florida, homeowners pay an average of $3,575 each year for home insurance. In most cases, those who are seeking a home loan will need to purchase homeowners insurance as a condition of obtaining financing. A good homeowners insurance policy can protect both a lender as well as a homeowner if a property is damaged by fire, wind or any other cause. While water damage may be covered, flood insurance is separate from homeowners insurance.
Everybody knows Florida insurance companies make money. Exactly how they do so is not always clear.
There are two main ways you could have a problem with an insurance company in Florida. The first is that the insurer could deny your claim for some unstated or unclear reasons. The second is that your policy could be written in such a way that you do not get the coverage you expected or that you need.
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.