Florida property owners have so far paid out $473,828,401 in claims since Hurricane Ian hit southwest Florida on Wednesday, according to preliminary figures released by the Florida Department of Insurance Regulatory Affairs. I am billing.
Officials reported 62,047 individual charges, according to figures released Friday night.
“This aggregated information has been compiled from claims data submitted by insurers and has not been audited or independently verified,” the OIR said.
These are preliminary numbers. The agency has mandated insurers to provide daily updates on claims and their estimates.
Before Ian hit, it was an insurance data analytics company core logicestimates the replacement cost of assets likely to be damaged by storm surge at $258.3 billion. Reported by PhoenixMost flood-related claims are filed with the Federal Flood Insurance Program. Wind claims flow subject to state regulation through residential and commercial wind damage policies.
Insurance Commissioner David Altmaier said: emergency directive Insurers are prohibited from canceling or refusing to renew property insurance policies.
State law provides that if the governor declares a state of emergency, the OIR will be empowered until November 28 to block insurers from canceling or refusing to renew policies. The order provides for a grace period for delaying policyholder information or payment obligations. under their policy.
Further, “All cancellation notices affecting Florida residents issued or mailed within 10 calendar days prior to September 28, 2022 will be withdrawn and will be reissued to the insured on or after November 28, 2022. will be issued,” the order said.
The order does not void scheduled cancellations or non-renewals during the grace period, but it does require insurers to delay action during that time.
“The premium for the extended coverage period will be an appropriate proportionate portion of the premium for the entire policy period,” it said.
Grace periods also apply to life and health insurance, except those issued under the Patient Protection and Affordable Care Act (Obamacare).
“Given the strength and scale of Hurricane Ian, its projected devastating impact on Florida, and its potential impact on hundreds of thousands of policyholders, the Office is calling on all insurers and regulators to We expect covered entities to implement processes and procedures to facilitate the efficient payment of claims,” the order said.
“This includes critically analyzing current procedures and streamlining the claims process, as well as utilizing the latest technological advances to provide our policyholders with fast and efficient claims services. It also includes doing
