Residents of Florida who were in the path of Hurricane Ian will have a difficult time getting insurance claims.
Due to the possibility that two different policies—one for wind and one for flooding—could be applicable, one independent insurance firm owner told 60 Minutes this week that he anticipates claims to be challenging.
“Which came first, the water rising or the wind damage? And before it flooded, was there wind damage? And it’s challenging to determine the answer to that query, “Brian Chapman said Bill Whitaker, a reporter.
Florida households only have flood insurance in around 18% of cases, according to the Insurance Information Institute.
“because of the price. but, not as costly as what just occurred “added Chapman. “I’d estimate insured losses [to be] in the $60–$70 billion [range] range.”
About 30,000 people use Chapman’s one of the biggest independent insurance businesses in southwest Florida, many of whom reside on Sanibel Island and in hard-hit Fort Myers. Seven of his workers suffered house losses, while his offices had water damage and power outages. The restoration of commercial operations took a week.
We were receiving roughly 15 calls per minute on Monday morning, according to Chapman.
Chapman expresses concern that Ian won’t do anything except worsen current issues in Florida’s insurance market. Florida is the location of eighty percent of all homeowner insurance cases nationwide. Small insurers are under pressure since the majority of large insurers have reduced their activity in the state. Just this year, six businesses failed.
According to Chapman, premium prices have increased by double digits and triple digits over the previous two years.
“Prior to $7,000 and now $10,000, my personal insurance coverage was $3,500. And it doesn’t even account for flood insurance.” Chapman said, “It is not within reach. It cannot be sustained.”