September 16, 2004
Florida Chief Financial Officer Addresses 'Double Deductibles' For Homeowners
Property owners hit by Hurricane Charley, then by Hurricane Frances, and facing yet another major storm got some encouraging words Friday from Florida Chief Financial Officer Tom Gallagher regarding insurance deductibles.
As the law now stands, separate catastrophes constitute separate insurance claims, no matter how close the events are in time. Those hit by Charley and Frances thus must pay the same hurricane deductible (usually two to five percent of the property value for homeowners) twice.
Posted by Tom Troceen