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Will Hurricane Michael Raise Rates?

With billions of dollars in insurance claims being reported and even more coming in due to Hurricane Michael, are Florida homeowners facing rate hikes? According to a WTVT FOX 13 article, the jury is out on whether this will happen.

Even though there are fewer than two months remaining before we welcome 2019, there are still outstanding claims related to Hurricane Irma in 2017 that have yet to be resolved, resulting in a payout pileup. Per one insurance rep mentioned in the article, he anticipates insurers will indeed ask for a “modest” hike within the next few months.

On the other hand, another person says that Hurricane Michael’s losses are not anticipated to be as much as the billions of dollars in losses resulting from Hurricane Irma. He points to the fact that many insurers have reinsurance, which is a type of backup insurance should a larger disaster than Irma or Michael ever occur.

To read more, check out FOX 13 article at the following link:

This information is provided by Miami insurance lawyer 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 settlement attorney 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.