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Florida Puts the Halt on Hikes

inspolicy-1As Florida continues to assist homeowners in the recovery from the effects of Hurricane Irma, the state’s insurance commissioner recently issued a temporary emergency order. This order is intended to prevent insurance companies from proceeding with any policy cancellations as well as temporarily suspending any imminent rate increases. The temporary suspensions for rate increases will remain in effect until December 3rd.

Along with these suspensions, the order also prevents the cancellation or nonrenewal of residential property insurance policies that may have sustained damage from the storm for a minimum of ninety days until the properties have been repaired. The order also includes the previously mentioned ninety day extension allowing homeowners a greater amount of time to supply their insurance company with information regarding damages.

Interestingly, this emergency order will likely delay Citizens Property Insurance Corp. from increasing its rates in February as it intends to do. The news should be welcome for homeowners who will be up for renewal around that time.

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 one of our attorneys 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.