H
omeowners in Florida who suffered damage from Hurricane Helene may find their insurance claims denied or reduced due to tightened coverage by insurance companies. After natural disasters, insurers often add exclusions and provisions to limit payouts, the Wall Street Journal reported. Many property owners lack flood insurance, which is not typically covered under standard policies, with fewer than one in 100 homeowners in high-risk areas holding separate flood coverage.
High deductibles for wind-related losses can also leave claimants with no payout, while insurers may dispute claims by attributing damage to flooding rather than other factors like wind. This can lead to lengthy legal battles. In Florida, 50,000 Hurricane Ian claims remain unresolved two years after the storm, with nearly 40% of those claims still unpaid.
Hurricane Helene's estimated $15 billion to $26 billion in property damage is expected to result in insured losses ranging from $5 billion to $15 billion, according to Lloyd's of London CEO John Neal. Insurers' efforts to limit payouts may exacerbate the financial burden on affected homeowners.
realestate
Hurricane Helene survivors struggle with rejected insurance payouts
Homeowners rebuilding after Hurricane Helene face uncertain insurance claims due to tightened policies with added exclusions.
Read More - realestate
realestate
Rockford Housing Market Gains Momentum with New Hispanic Real Estate Partnership
City leaders expect NAHREP to boost Hispanic homeownership rates.
Read More - realestate
realestate
Commercial Real Estate Forum Held by Southeastern Association
Sandoval Economic Alliance holds partner luncheon at Quezada's Comedy Club, focusing on commercial real estate.
Read More
realestate
Property Deeds Recorded: November 21, 2024
Real Estate Transfers: November 21 Edition of News Review.