FREEZE PLACED ON HOMEOWNER’S POLICIES:

Florida’s State Cabinet approved a measure recommended by Florida Chief Financial Officer Tom Gallagher to impose a 60-day grace period on premium payments and non-renewals for homeowners insurance, in the aftermath of Hurricane Charley. Insurance companies have been instructed by the Department of Financial Services (DFS) not to cancel or non-renew homeowners policies through Nov. 30. “In the aftermath of Hurricane Charley, storm victims are busy putting their lives back together,” Gallagher said. “The last thing they should have to worry about is making premium payments or losing coverage.” In addition, no insurance policy can be cancelled solely as a result of claims filed because of hurricanes. DFS established a Hurricane Information Center to assist residents with insurance and banking questions, and concerns. It also mandated that public adjusters cannot charge a fee of more than 10 percent of the insurance claim payment and cannot require any upfront payment.

Topics Hurricane Homeowners