Florida to pay up to $5M in insurance deductibles for hurricane victims

Insurance deductibles - hurricane damage

Low- and moderate-income families most affected by Hurricane Ian may qualify for this support.

The Florida Housing Finance Corporation is offering $5 million to help pay the insurance deductibles of low- and moderate-income victims of Hurricane Ian, announced Governor Ron DeSantis.

The money is meant to help those families to cover the out-of-pocket portion of their home coverage.

The corporation functions as the housing finance agency in the state and receives funding from the state for the SHIP program (State Housing Initiatives Partnership). There is $5 million reserved for use in cases of natural disasters. It is those funds that will be used to support homeowners in Collier, Hardee, Charlotte, Lee, DeSoto, and Sarasota counties that were most affected by Hurricane Ian, said a statement from the governor. The purpose is to help ensure that families in need can cover the insurance deductibles for the repairs on their damaged properties.

Insurance deductibles - $5 Million -Hurricane Florida

“Following the impacts of Hurricane Ian, it was really important to us to make sure people were able to get back into their homes and rebuild as quickly as possible – today’s announcement will help do just that,” said DeSantis. “We know a lot of homeowners had coverage for the storm, however, insurance deductibles are expensive and often a gap not covered by other support.”

A recent tally showed that nearly 400,000 property owners will be facing insurance deductibles.

That is the figure tallied by the Florida Office of Insurance Regulation from the six counties in which certain homeowners may qualify for assistance from the state when they have been affected by Hurricane Ian. That office did not tally the average amount homeowners in those counties will be paying as their policy deductible, but it is expected to have risen when compared to past storms because many homeowners have opted to try to save money on skyrocketing premiums by choosing policies with higher deductibles.

Unfortunately, by attempting to save money on premiums in this way, when a claim does need to be filed, the insurance deductibles can be substantial enough that families can struggle to – or be unable to – afford them. This can create a considerable burden for those families that are already struggling from having to rebuild after having had their homes damaged or destroyed by a hurricane.

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