Florida Regulator Calls on Insurers to Handle Hurricane Michael Claims
Florida Insurance Commissioner David Altmaier is urging Florida insurers to close the more than 42,000 Hurricane Michael claims that remain open nearly three months after the storm.
In a Dec. 19 memorandum to all property and casualty insurers authorized to do business in Florida referencing undisputed Hurricane Michael claims payments, Altmaier reminded the industry of a Florida Statute that requires property insurers must pay “undisputed amounts or partial full benefits owed under first-party property insurance policies within 90 days after an insurer receives notice of a residential property insurance claim…”
The memorandum goes on to say that for insurers to facilitate the payment of Hurricane Michael claims, insurers should have sufficient claims adjustment and consumer service resources to “provide policyholders with access to effective customer services.”
Total insured losses from the Oct. 10 near Category 5 storm passed $4.5 billion as of Dec. 14, according to claims data from the Florida Office of Insurance Regulation. Residential property claims, which include homeowners, dwelling, mobile homeowners, and commercial residential, totaled 88,624 with 68.9 percent of those claims closed. Total claims closed for all lines of business – residential property, commercial property, private flood, business interruption and other lines – was 68.3 percent.
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