Coverage has always been important to homeowners as it is regularly threatened by the storms.
A new Florida hurricane insurance option is being launched to make claims more straightforward for property owners.
Millions of homeowners in the state are used to the time and expense still required after a claim.
Standard Florida hurricane insurance requires a homeowner to have to pay a deductable when a claim is made for storm damage. In many cases, that deductible is high that the customer ends up paying the entire repair cost. For many policyholders, the damage needs to be quite devastating in order to be greater than the cost of the hurricane insurance policy deductible.
Agents often field hundreds of calls after a hurricane, only to find that a small number of the policyholders have experienced enough damage to warrant an insurance payout.
Some Florida hurricane insurance policyholders find themselves bounced around following inspection.
If an inspector suggests that there may have been prior damage or inadequate prevention, the insurance claim may be denied. In those cases, many homeowners turn to FEMA for help. Unfortunately, that organization will typically tell the homeowner to pursue his or her insurance company as they should be responsible for the claim.
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Now, StormPeace, a new hurricane insurance coverage, has entered the market, reported ABC action news. That coverage provides a very different form of policy from the traditional offerings in the state. It is designed to pay for the out-of-pocket expenses that aren’t covered by homeowners’ typical hurricane policies.
Property owners with StormPeace are promised a wire transfer of the otherwise out-of-pocket expenses directly into the policyholders’ bank account in 72 hours or less following storm damage. Moreover, it will make the payments without any deductibles, inspections or adjusters.
Following payment receipt, the Florida hurricane insurance customer has 45 days to submit all their proofs of receipts, contractor estimates and other documentation of the damage and repairs. The policy will cover spoiled food, evacuation expenses, flood damage from storm surge, damaged fences, downed trees, gas, generators, and damaged car ports. Policies can cover anywhere from $1,000 to $60,000.
Of the 924,400 insurance claims made in Florida after Hurricane Irma, 297,000 were closed without payment. The main reason was that the cost of the damage repairs was smaller than the policy deductible.