WILL YOUR INSURANCE COMPANY HANDLE HURRICANE CLAIMS FAIRLY?
There is a price to pay for living in paradise. While South Floridians enjoy the great year-round warm weather, we are also vulnerable to hurricanes. Although it has been years since a major storm has hit South Florida, it only takes one hurricane to destroy everything you have worked hard to earn. In 1992, Hurricane Andrew changed the way insurance companies conduct business. According to Insurance Journal, Insurance companies paid out a whopping $15.5 billion at the time. When you add inflation, that figure rises significantly. Andrew was the second most expensive American natural disaster only to Hurricane Katrina in 2005. Should another major storm arrive, can South Florida homeowners trust their insurance companies to provide a fair settlement? Not exactly.
Rising Premiums Do Not Necessarily Equal Fair Compensation.
Although it has been more than a decade since a hurricane made landfall in South Florida (Hurricane Wilma in 2005), it has not stopped insurance companies from raising their premiums. But it is also important to understand higher premiums do not necessarily equate to receiving a higher settlement. Insurance companies are just any normal business trying to make money. Here is how insurance companies can use loopholes to avoid paying your full claim.
- If damage is caused by water after the storm, the insurance company may classify it as flood damage instead of hurricane damage.
- Some insurance adjusters have told homeowners to simply wash off the mold from walls instead of tearing it down.
- Some insurance companies will only pay to rebuild the house based on its original construction rather than follow updated building codes.
We Make Sure Insurance Companies Honor Their Contracts
When enrolling for homeowner’s insurance, each policyholder must sign a contract. Miami insurance attorney Jonathan Korin and his legal team work diligently to make sure insurance companies honor the contracts signed with their clients. The team at Korin Law, P.A. can send an adjuster to properly assess damage to your property in Aventura or anywhere in South Florida and provide an independent estimate. When it comes time to figure out repairs and replacement costs for hurricane damage, we also closely examine the insurance company’s track record in handling disputes.
- Gather visual evidence by taking photos and video.
- Notify your insurance company immediately.
- Properly document all your conversations and the names of insurance representatives you have contacted.
- Create an inventory of all your personal property and furnishings.
- Try to minimize the damage by making minor repairs.
- Save all your receipts, proofs of purchase along with your expenditures on anything related to hurricane damage.
It is easy to get comfortable and think a hurricane will never damage your home. But remember, it only takes one storm to ruin your piece of the American Dream. If your insurance provider has underpaid or denied your claim, contact Korin Law, P.A, and schedule a consultation today.