Ian-related insurance claims near half a billion; state blocks insurers from cancelling policies through Nov. 28


Property house owners in Florida have to this point filed claims price $473,828,401 since Hurricane Ian struck Southwest Florida on Wednesday, in response to preliminary figures launched by the Florida Office of Insurance Regulation.

The company reported 62,047 particular person claims, in response to numbers issued Friday night.

“This aggregate information is compiled from claims data filed by insurers, it has not been audited or independently verified,” OIR mentioned.

Those are preliminary numbers; the company has ordered insurers to offer each day updates on claims and their estimated worth.

Before Ian hit, the insurance knowledge evaluation agency CoreLogic, estimated the substitute worth of property prone to be broken by storm surge at $258.3 billion, because the Phoenix has reported. Most flood-related claims can be filed with the Federal Flood Insurance Program. Wind claims would stream state-regulated through residential and business wind-damage policies.

Insurance Commissioner David Altmeier has issued an emergency order barring insurers from cancelling or refusing to resume any property insurance coverage.

State legislation supplies that, when a governor points a state of emergency, the OIR grow to be licensed to dam any insurer from cancelling or refusing to resume a coverage through Nov. 28. The order establishes a grace interval delaying policyholders’ obligation to offer data or funds below their policies.

Additionally, “all notices of cancellation issued or mailed within ten (10) calendar days preceding Sept. 28, 2022, affecting a Floridian, shall be withdrawn and reissued to insureds on or after November 28, 2022,” the order says.

The order doesn’t invalidate any cancellations or nonrenewals scheduled to happen through the grace interval, however insurers should delay performing on them throughout that point.

See also  Drivers warned reupholstering, bodywork and exhaust upgrades could increase car insurance premiums

”The premium for the prolonged time period of protection shall be the suitable professional rata portion of the premium for the whole time period of the coverage,” it says.

The grace interval additionally applies to life and well being policies besides these issued below the (*28*) Protection and Affordable Care Act, or Obamacare.

“Given the strength and size of Hurricane Ian, its expected catastrophic effect on Florida, and its potential impact on hundreds of thousands of policyholders, the office expects all insurers and regulated entities to implement processes and procedures to facilitate the efficient payment of claims,” the order says.

“This includes critically analyzing current procedures and streamlining claim payment processes as well as using the latest technological advances to provide prompt and efficient claims service to policyholders.”

Source link


Please enter your comment!
Please enter your name here