Last week, Florida was seriously impacted by another hurricane. Hurricane Idalia spared South and Central Florida but roared into the Big Bend region of North-West Florida as a strong Category 3 with winds up to 125mph.
Thankfully, the storm spared densely populated areas but still did severe property damage in small towns like Perry. It’s estimated the hurricane created some $10- 12 billion in property damage.
While the cost of this damage pales in comparison to the estimated $112 billion in property damage from Hurricane Ian, which hit the Fort Myers region in 2022, unfortunately the combined costs will have another serious impact on property insurance rates across the entire state that will be felt even by South Florida residents.
The wind insurer that may see the most losses in Florida is the state-created insurer of last resort, Citizens Property Insurance Corp. The carrier had not released an estimate on losses by Sunday evening but is expected to early this week.
The big question many are asking is will Idalia’s claims cause Citizens to burn through its $420 million in surplus in its Personal Lines Account, forcing it to levy an assessment on policyholders.
With or without a Citizens surcharge, Idalia’s damage could have at least some impact on Florida premiums
IF YOU ARE A VICTIM OF HURRICANE IDALIA,
CALL THE CONSUMER LAW OFFICE (CLO) TODAY 305-940-0924. ASK FOR ATTORNEY MORDECHAI BREIER, FOUNDER OF CLO & GET YOUR FREE COMPREHENSIVE PROPERTY DAMAGE ASSESSMENT AND CONSULTATION
CLO knows how stressful it is to be forced out of your home after disaster strikes. The experienced Florida Property Damage Attorneys at CLO will help you receive the maximum property damage compensation you are entitled to under your insurance policy, including ALE reimbursement.
Your insurance company hires experts to protect their interests.
Your representation should be no different.
There are NO upfront fees, and we only get paid when you get paid by your insurance company.
