It affected homeowners and businesses alike; this document focuses primarily on the impacts on home insurance customers. The problem with Citizens is that their policy numbers tend to increase after a crisis because, as other insurers go bankrupt, their policies become Citizens. Another reason is that reinsurance prices are rising, that is, insurance for insurance companies to help when claims increase. She said that if that damage is covered by your insurance policy, file a claim with your insurance company right away.
The widespread damage from Hurricane Ian is another disaster for Florida's already unstable insurance industry. If your car insurance includes comprehensive coverage (which insures against the type of physical damage not caused by an accident), then floods would be covered. In addition, under the emergency order, insurance companies cannot cancel the policies of homeowners whose homes have been damaged for at least 90 days after their home has been repaired. Florida's insurance rates have nearly doubled in the past five years, but insurance companies are still losing money for three main reasons.
Some people without flood insurance file damage claims with their property insurance company, arguing that the wind caused the problem. More importantly, if Citizens run out of money, they have the authority to impose a surcharge on everyone's policies, not just their own policies, but on insurance policies across Florida. Flood insurance must be purchased before a storm hits, but Tasha Carter, Florida's insurance consumer advocate, said there are still options for those who need it. You can also impose surcharges on other types of insurance, such as life insurance and car insurance.
State insurance departments often send consumer protection personnel to disaster areas to answer questions and help you contact your insurer. The state insurance department can help you with your questions when you start filing your claim, and it can also step in if you have trouble contacting your insurer or getting your claim paid. However, much of the damage caused by hurricanes in Florida comes from water, which is covered by the National Flood Insurance Program, and not by private property insurance. State insurance departments can also step in if you have trouble contacting your insurer or paying your claim.
Even though Florida's home insurance rates are nearly three times the national average, insurers have been losing money.
