A Look at Hurricane Michael’s Damage in Florida & New Rules for Insurance Companies
A Look at Hurricane Michael’s Damage in Florida & New Rules for Insurance Companies Dec 27, 2018 The estimated damage – just to agricultural resources – from Hurricane Michael across Florida and several other states is forecast to go over $1.3 billion, and includes cotton farms, pecan farms, and poultry operations as some of the hardest hit. Hurricanes are especially damaging to cotton crops, leading to an increase in the price of cotton. It is clear that farmers in particular are going to need all the help they can get in order to recover, and most of that help will need to come from crop insurance. Florida also suffered significant timber losses as well. An estimated three million acres of timber were damaged by the hurricane, along with other commodities. It will likely take years for the industry to recover and replace lost trees. In anticipation of these losses and those expected to hit homeowners, in mid-October, Gov. Rick Scott ordered emergency changes to insurance rules as they apply Hurricane Michael recovery, specifically. Under these rules, not only do policyholders now have an extra 90 days to submit their claims, but insurance companies are prohibited from canceling or failing to renew homeowners’ policies on homes damaged by Hurricane Michael for 90 days as well. In addition, Florida’s insurance regulator issued an emergency order that freezes any rate hike for 90 days in order to support recovery efforts in areas impacted by the Hurricane. Claims Thus Far & the Florida Hurricane Catastrophe Fund According to the Florida Office of Insurance Regulation, close to 40,000 claims have already been submitted for damage related to Hurricane Michael, and almost $6 million in insured losses paid out thus far. Most of the claims are reportedly wind-related, and half from mobile home owners. These numbers are expected to increase significantly as more and more damage is assessed. Hurricane Irma alone, for example, brought in close to one million in claims and over $10 billion in insured losses. In addition, the Florida Hurricane Catastrophe Fund was established to provide funds for insurance companies in order to help them pay customer claims. The fund reportedly has $16.2 billion in reserves, with a capacity of $17 billion, and with a bond for an additional $800 million, if needed. Don’t Wait: Contact One of Our Florida Hurricane Insurance Claim Attorneys If you have suffered loss from Hurricane Michael, do not wait on filing your claim. Many policyholders are still waiting to receive help from damaged caused by Hurricane Irma. Florida regulators have made it clear that, this time around, insurance companies need to provide a speedy response and be prepared prior to the storm, ensuring that they are there to help property owners impacted by Hurricane Michael. Contact one of our experienced Florida hurricane insurance claim attorneys at HD Law Partners today to get the help you need and ensure that your claim is processed properly. Resource: cnbc.com/2018/10/15/agricultural-damage-from-hurricane-michael-forecast-to-top-1point3-billion.html tampabay.com/news/business/banking/Early-Hurricane-Michael-claims-38-000-5-7M-in-damages_172681252 insurancejournal.com/news/southeast/2018/10/16/504583.htm Tags: Florida Hurricane Claim Attorney, Florida Hurricane Claim Attorneys, Tampa Insurance Defense Attorney, Tampa Insurance Defense Attorneys Posted in Hurricane Claims, Hurricane Insurance | No Comments » Connect with us Archives May 2026 April 2026 March 2026 February 2026 January 2026 December 2025 November 2025 October 2025 September 2025 July 2025 June 2025 January 2025 January 2024 December 2023 November 2023 October 2023 September 2023 August 2023 July 2023 June 2023 May 2023 April 2023 March 2023 February 2023 January 2023 December 2022 November 2022 October 2022 September 2022 August 2022 July 2022 May 2022 April 2022 March 2022 November 2021 October 2021 September 2021 August 2021 July 2021 May 2021 April 2021 March 2021 February 2021 January 2021 December 2020 November 2020 October 2020 August 2020 July 2020 June 2020 May 2020 April 2020 March 2020 February 2020 January 2020 December 2019 November 2019 October 2019 September 2019 August 2019 July 2019 June 2019 May 2019 April 2019 March 2019 February 2019 January 2019 December 2018 November 2018 October 2018 September 2018 August 2018 July 2018 June 2018 May 2018 April 2018 March 2018 February 2018 January 2018 December 2017 November 2017 October 2017 September 2017 August 2017 July 2017 June 2017 May 2017 April 2017 March 2017 February 2017 January 2017 December 2016 November 2016 October 2016 November 13 Categories Alimony Appellate Arbitration Auto Accidents Auto Insurance Business Corporate Business Insurance Law Child Custody Child Support Criminal Law Divorce Family Law FEMA Insurance Payments Florida’s Mandatory 2‑Hour Legal Professionalism CLE: Foreclosure Defense Fort Myers Hurricane Insurance Attorney General Guardianship HD Law Partners Service HOA/Property Management Homeowners Association Homeowners Insurance Hurricane Claims Hurricane Insurance Insurance Bad Faith Insurance Claims Insurance Defense Insurance Litigation Landlord Tenant Law Enforcement Liability Loan Modifications Mold Water Damage Parental Rights Paternity Personal Injury Premises Liability Law Prenuptial Agreements Private Security Property Distribution Property Owner Law Sarasota Insurance Litigation Attorney Slip Fall Tampa Business and Corporate Attorneys tampa family attorney Tampa Insurance Attorneys Timeshare Timesharing Uncategorized HD Law Partners is proud to be your trusted full-service law firm Quick Links Property & Casualty Business & Corporate Litigation Family Law Contact Us Careers Get In Touch 2002 North Lois Avenue Suite 510 Tampa, FL 33607 813-253-5333 Contact Us