Filing another storm insurance claim could mean a lower deductible in Florida

Florida law sets annual hurricane deductible limits

Florida residents who file property damage claims caused by Tropical Storm Nicole may have a lower deductible if they already met their insurance deductible for Hurricane Ian.

ORLANDO, Fla. – Florida residents who file property damage claims caused by Hurricane Nicole may have a lower deductible if they already met their insurance deductible for Hurricane Ian.

The so-called single-season hurricane deductible under Florida Statute 627.701 limits the hurricane deductible a resident pays within the calendar year.

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Lisa Miller, former assistant state insurance commissioner, told News 6 the law covers windstorm damage that occurs from a second hurricane during the same calendar year.

“Ironically having two storm claims in a year actually assists your deductible,” Miller said. “They would have their Ian deductible and now they’ll have their Nicole deductible which reduces their overall deductible, it works like health insurance.”

The coverage refers only to windstorm damage, flood insurance is separate.

Under the policies you would still have to pay any costs linked to the “all peril deductible” but it would be far less than the deductibles set for hurricane coverage.

Concerns of higher insurance premiums and companies leaving Florida altogether has residents across the state concerned.

Miller told News 6 the companies she has spoken to are committed to serving their customers.

Ana Regina Myrra, principal agent with American Insurance Point, said the big concern after storms like this is unscrupulous contractors who try to capitalize on the need to get repairs completed quickly.

" Do not sign the assignment of benefits,” Myrrah warned. “This is very serious because you transfer your rights to these companies.”

“We are in a perilous time right now,” Miller told News 6. “We have a special session coming in December to try to bring some relief to this market, let’s just pray this storm remains a minor storm and that we don’t have what another major storm could do.”

For more information on the Florida statute go to the Florida chief financial officer’s website.

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About the Author:

News 6’s Emmy Award-winning Investigative Reporter Mike Holfeld has made Central Florida history with major investigations that have led to new policies, legislative proposals and even -- state and national laws. If you have an issue or story idea, call Mike's office at 407-521-1322.