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Florida Puts a Halt on Hikes

As the Florida Panhandle continues to recover from the extensive damage caused by Hurricane Michael, the state insurance regulator recently issued an emergency order aimed at providing “additional protections” to policyholders. These additional protections include barring insurance companies from raising rates for the ninety days in order to better support the ongoing recovery efforts.

Besides the freeze on rate hikes, the order will also allow policyholders an additional ninety days to gather the necessary information required for submitting to their insurance company. All cancellations or non-renewals issued to policyholders leading up to Hurricane Michael’s arrival must be rescinded for ninety days, allowing policyholders more time to renew or obtain coverage through a different insurance company.

With homeowners having enough to worry about, Florida’s decision to extend deadlines should allow some additional room to breathe. You can read more about the order by checking out the Insurance Journal article: https://www.insurancejournal.com/news/southeast/2018/10/16/504583.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 one of our attorneys or a Miami insurance settlement lawyer 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.