Gov. Jeb Bush and members of the Florida Cabinet today OK’d an emergency rule that sets deadlines for insurance companies to assess, process and settle insurance claims.
“Firm deadlines will give thousands of Floridians peace of mind in getting their storm claims handled and set a goal insurance companies must meet,” Florida Chief Financial Office Tom Gallagher said.
Gallagher, in fact, requested the rule after numerous calls to his department’s hurricane hotline indicated a number of storm victims have yet to see an adjuster or still are waiting for damage assessments.
The emergency rule sets strict timelines for insurance companies to make initial damage assessments, process and settle claims, including paying additional living expenses to residents unable to remain in their homes due to storm damage.
Gallagher says companies that fail to meet the deadlines face an administrative penalty of $2,500 per claim.
The deadlines are: For claims filed by Oct. 21 as a result of Tropical Storm Bonnie, hurricanes Charley or Frances, the deadline is Nov. 22. For claims filed by Nov. 8 as a result of hurricanes Ivan or Jeanne, the deadline is Dec. 8.
State officials say the insured losses due to the four back-to-back hurricanes have been estimated at $17.1 billion. More than 1.3 million claims have been filed to date, Gallagher says.
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