Florida insurance crisis explained and what to know heading into storm season

Florida homeowners, condo owners, and insurance policyholders are well aware of the rising insurance premiums. Various factors have been blamed for these increases, including property damage attorneys, public adjusters, contractors, insurance company executives, government officials, climate change, and labor and material shortages. While the extent of each factor's responsibility is debatable, it is crucial for Florida policyholders to understand their policies and best practices for property damage claims to minimize out-of-pocket expenses.

Start by reviewing your policy with your agent to understand coverages, such as replacement cost, code upgrade, additional living expenses, personal property, and contents. It is advisable to consider purchasing a flood policy, even if not mandatory, as standard homeowner policies DO NOT cover flood damage. The recent experiences of those affected by Hurricane Ian and Broward flooding demonstrate the financial ruin faced by uninsured individuals.

Understanding your "Duties and Obligations in the Event of a Loss" is crucial. This section outlines the necessary steps to take when your property suffers damage. Compliance with these guidelines is essential to avoid claim denials or minimal payments. Generally, these duties involve mitigating damages and promptly reporting the claim.

Regarding hurricane preparedness, stock up on supplies early to take advantage of tax holidays and avoid the rush before a storm. It is critical to back up essential documents to the cloud, including tax documents, maintenance records, financial statements, mortgages, leases, investments, deeds and insurance policies. Additionally, document your property by taking photos and videos of its condition before the hurricane hits. These records will help support your claim and prevent insurance companies from citing pre-existing damage to deny it.

IN THE EVENT OF DAMAGE: · Exercise caution when hiring contractors, public adjusters, or lawyers.

· Research their credentials and read reviews to avoid price gouging and unfulfilled services.

· Maintain organized records of expenses, receipts, and communications with your insurance company and contractors. This organization will facilitate the claims process and ensure accurate payment.

Consider hiring a professional, such as a Public Adjuster or lawyer, for claims representation. The claims process is complex and time-consuming, often involving multiple policies and concurrent damages. A qualified professional can assist in preparing a comprehensive estimate, reviewing contracts, engaging with insurance company personnel, and manage the claims process. Reputable Public Adjusters can be found on the FAPIA website directory and through Google reviews. To summarize, review your policies, prepare a disaster kit, backup important documents, regularly document your property, vet service providers, and remember that you are responsible for substantiating your claim to your insurance company. By being proactive and informed, you can navigate the insurance crisis and storm season more effectively. For more information, contact Steve G. Mason, Altieri Insurance Consultants. M: 954.548.6722. www.altieriinsuranceconsultants.com