Are you a Citizens Property Insurance Corp. policyholder who filed a claim related to Hurricane Irma? If so, you may be interested in knowing that the last resort insurer recently decided to reopen more than thirty percent of its claims, according to a recent Insurance Journal article.
The reason behind Citizens reopening its formerly closed claims is intended to help its policyholders by re-evaluating the claims and making further payments as repairs are taken care of. The move also serves as a potential means of boosting options available to customers and deterring pricey litigation. The reopened claims will also allow policyholders to provide Citizens more information that may be related to the claim.
Overall, Citizens has already closed almost ninety percent of its claims related to last year’s Hurricane Irma. Its open claims typically involve homes and properties that have suffered extensive damage, disputes, and claims in which a contractor hasn’t yet provided a repair estimate.
Following normal insurance protocol, Citizens states it made immediate initial post-storm payments to policyholders with losses exceeding their hurricane deductible. Those first payments were based upon actual cash value of incurred damages. Further payments to take care of the replacement costs of the covered loss are paid as repairs are performed.
To read more, visit https://www.insurancejournal.com/news/southeast/2018/04/17/486561.htm.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with an insurance lawyer Miami and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.