Florida Regulators Remind Insurers to Take Care of Insureds as Claims Come in

Hurricane Idalia caused major damage in Florida, and Florida Regulators Remind Insurers to Take Care of Insureds as Claims Come in

Idalia made landfall in Florida on August 31st, and thousands of people are still without power or water. The storm’s strong winds, storm surge, and flooding caused widespread damage to homes and businesses.

Florida insurance regulators are concerned that insurers may not be able to handle the high volume of claims from Idalia. To help, the state has given insurers a two-month grace period on policy cancellations and nonrenewals. The state has also set up insurance villages in two towns to help people file claims.

As of September 3rd, more than 10,500 claims have been filed for Hurricane Idalia damage. About three-quarters of those claims are for residential property. Many of the claims are expected to be flood-related, but only a small fraction of homes and businesses in the affected area had flood insurance.

The big question many are asking is whether Idalia’s claims will cause Citizens to burn through its $420 million in surplus in its Personal Lines Account, forcing it to levy an assessment on policyholders.

Regulators are worried that Idalia’s damage could lead to higher premiums for Florida homeowners in the next year. Some homeowners may choose to go without insurance altogether, or to increase their deductibles.

If you were affected by Hurricane Idalia, you should contact your insurance provider right away to file a claim. Be prepared to provide documentation of your losses, such as photographs, receipts, and estimates from contractors. It is important to be patient and persistent with the insurance process. You should also be aware of your insurance rights, and if you have any questions, you should contact your state’s insurance authority.