Will my private insurance company be able to pay my claim?
• Florida insurance companies are well-regulated, well-capitalized, and heavily reinsured to protect consumers and ensure covered claims are paid.
• The consumer will be protected even in the unlikely event of an insurance company insolvency. The Florida Insurance Guaranty Association provides a safety net to protect policyholders up to certain limits.
• The Florida Hurricane Catastrophe Fund (FHCF) provides an additional backstop for private insurers and Citizens by sharing the financial losses from hurricanes.
Will the FHCF have enough money to pay the claims from this storm?
The FHCF:
• Is well-positioned financially to respond to Michael.
• Provides reinsurance to both Citizens and private property insurance companies.
• Ended 2017 with an estimated fund balance of $14.9 billion.
Will there be enough adjusters to settle claims?
• Insurance company adjusters are in the field ready to settle Floridians’ claims.
• Insurance companies also contract with specially-trained and licensed independent adjusters.
• Many insurers bring in out-of-state catastrophe teams to help serve consumers after major storms
• Local and national call centers are available to help consumers process claims. In addition, insurers are using the latest technology to enable consumers to report claims online or through mobile apps.
What is the difference between a flood insurance claim vs. wind insurance claim?
• Consumers who live outside a special flood hazard zone are not required to comply with the federal mandate to buy flood insurance. Many consumers outside the designated flood zones decide not to purchase flood insurance coverage.
• However, we encourage all consumers to talk with your insurance agent or insurer when purchasing coverage to understand and limit potential gaps.
• Both flooding and wind damage frequently result from hurricanes and tropical windstorms. Insurance claims adjusters are typically well trained to determine to what extent property damage is cause by flood, wind, or other hazards.
• Losses due to storm surge are not covered under the standard homeowners or renter’s insurance policy; however, storm surge is covered under most flood insurance policies. Storm surge may be best understood as a wave of water that comes ashore during a hurricane.
What about damage to my car or truck? Is that covered?
• Water damage to an automobile is usually covered if you have comprehensive coverage on your automobile policy. Check with your insurance company before allowing any repairs to your damaged vehicle.
Check your insurance policy to make sure you have this important coverage on your vehicle.
• Some auto glass repair shops may try to convince unsuspecting consumers to sign over their insurance benefits. These shops aren’t affiliated with the insurance companies. They may inflate the glass claim and then turn around and sue the insurance company, often without the policyholder’s knowledge.
What if I do not have coverage for the damages?
• If you do not have flood insurance, you may qualify for disaster aid.
• You should still contact your insurance agent or company as there may be property damage that is covered under your homeowners insurance policy.
• You should also contact the Federal Emergency Management Agency (FEMA) as Federal Disaster Assistance may be available in the form of grants and loans if a flood has been declared a federal disaster.
• If you receive Federal Disaster Assistance for a flooded building, you will need to obtain flood insurance in the future, which is one of the requirements for federal grants and low-cost loans.
You will also need to maintain the flood insurance for the life of the loan. To learn more about federal disaster assistance, contact 800-621-3362 or www.disasterassistance.gov.