Residents will pay a large proportion of the catastrophe caused by Hurricane Irma. The Consumer Federation of America made this statement.
Insurers have therefore developed higher wind coverage deductibles. Paperwork obscures payouts. However, many consumers do not read or do not understand the documentation.
There will be about 300,000 claims for wind damage and 150,000 flood damage claims in the future. These claims could reach more than $40 billion.
There are “anti-concurrent causation” clauses in policies. Wind damage is excluded. This is the case if an “uninsured flood” occurs simultaneously. Wind coverage disappears through a hidden backdoor in a policy.
The National Flood Insurance Program has $1.5 billion to assist in paying claims, as well as $5.8 billion in borrowing authority. $250,000 is offered for structural damage and $100,000 for damaged or lost contents. The residents need to survey damages as soon as possible. The policy of the NFIP is first to come, first served.
Insurance companies will use drones to assess damage as the use of insurance adjusters is very costly. Furthermore, this will speed up the payment to the Irma hurricane victims.
Two percent is the usual deductible of the insured value of a residence. Therefore on a $300,000 home, the deductible would be $6,000. This amount is payable before an insurance company will pay out any amount to the insured.
Victims of Irma need to know that the comprehensive section of their auto insurance also covers flooding.
President Trump issued the following for Florida i. e. to provide temporary housing and give financial housing for home repairs. grants to be made available to assist with medical, dental and funeral transportation. Furthermore, relief to be provided regarding unemployment for up to 26 weeks for state benefits.
Loans at low-interest rates to cover losses not covered by insurance.
Crisis counselling is available.