When Will My Insurance Company Help Me with My Hurricane Ian Claim?

Hurricane Ian made landfall for the second time on September 28, 2022. It had previously made landfall as a Category 3 hurricane in Cuba, where it cut off electricity.

By the time the storm touched down in Florida, it had been upgraded to a category 4. Ian would prove to be the most devastating hurricane to hit the US in seventeen years. In total, the damage is estimated to be over $50 billion.

With so much damage, it should come as no surprise that many people filed claims. However, filing a claim and getting your  carrier to fully pay the claimed amounts  are two different things. Even if your insurance company agrees that your damages should be covered under the terms of your policy it could take time to actually receive the funds. How do you know when that will happen, though? We'll talk about it below.

Resources and Finances

The sad reality is that it's not always a question of when your insurance provider will pay, but if they'll pay and will they pay the full amount to place you in your “pre-loss” condition; which is the standard. Natural disasters like hurricanes, earthquakes, and tornadoes are an insurance company's worst nightmare. Most insurance companies work by collecting premiums so that they have the money available when they do need to pay on a claim and have invested wisely together with reinsurers.

The amount of catastrophic loss in the last two months, which is extraordinarily higher than average even during Hurricane season this has caused many property owners to wonder what is ultimately going to happen. With such widespread damage which occurred in Florida, a lot of claims are all filed at one time; ie. immediately after these storms. The best-case scenario in this situation is that the insurance company needs time to investigate the damages and determine how and when to pay for all these claims. Unfortunately, the reality is that insurance companies don't always have the funds readily available, and many of them go into insolvency.

Know the State's Insurance Laws

Knowing Florida's insurance laws is vital in the wake of Hurricane Ian and Hurricane Nicole. In the meantime, filing a claim as quickly as possible is your best move. We would also recommend finding an insurance lawyer to help you navigate any legal hangups you may encounter with compliance with conditions in your policy that you may not be aware of.

It should be noted that insurance companies in Florida aren't legally allowed to cancel a policy until 90 days after a disaster. Another law that works in your favor is the Valued Policy Law. Simply put, the Valued Policy law states that if your property was completely destroyed by an event that your policy covers, the insurance company has to pay you the full value of the policy.

The bad news is that a lot of insurance companies will try to find a loophole in the policy so they don't have to pay the claim fully or immediately and sometimes not without a lawsuit. Your lawyer will help you if this happens.

When Will My Hurricane Ian Claim Pay?

If your home was damaged during Hurricane Ian, you may be wondering when your insurance claim will pay out. The carriers by statute have 90 days from the date you notified them of the loss to make a determination of coverage.  That does not mean the insurance company will fully pay the amounts owed in 90 days, it simply affords a limited time to investigate the claim and make a decision to deny the claim, pay the claim (which is generally less than the full amount owed) or a hybrid of paying some items and denying others.   

We've discussed Florida's insurance laws and current situation in this article, but there's always more to learn. You can read up more on legal issues and resources on our site. If you have any questions, or concerns, or are in need of representation, we encourage you to contact us.