The rapid succession of Hurricanes Charley, Frances, Ivan and Jeanne has reportedly prompted Fireman’s Fund Insurance Co. to allow its homeowners policyholders to treat property damage from the four storms as one event for purposes of calculating the amount of the hurricane deductible on losses.
As a result, Fireman’s Fund homeowner policyholders will reportedly benefit financially by not needing to apply multiple hurricane deductibles for those storms.
“The six-week wave of back-to-back hurricanes was a unique and unprecedented phenomenon that warranted exceptional action on behalf of customers who had little or no time between storms to participate in the traditional process of claims adjustment, property repair, protection against the elements and rebuilding,” said Chuck Kavitsky, president and CEO of Fireman’s Fund. Although the homeowners policy in Florida clearly allows separate deductibles, “our action simplifies the issue for homeowners – customers whose home is their greatest asset and who often have limited financial reserves. We’re committed to helping these homeowners in their recovery and to provide them with peace of mind.”
The storms reportedly affected more than 2,500 Fireman’s Fund customers.