We do. Are you still waiting for your insurance company to pay your Hurricane Michael claim? Most people filed claims within days after Hurricane Michael's landfall on October 7, 2018. We are getting calls now at our firm—five months after the storm—from many hurricane victims who still have not been paid despite having filed their claims more than 90 days ago. That is a violation of Florida law, and we are typically demanding that insurance companies pay not only what they owe on the policy but also additional amounts that are owed under the law for failing to timely pay the claim.
Any Claim Paid After 90 Days Usually Must Include Interest
Most insurance companies fail to tell their policyholder about these additional amounts they owe for failing to pay the claim timely, because it will mean additional funds out of the insurance company's pocket. At TWW, we know that policyholders deserve every dollar owed not just under the policy but also under the law. We have experience litigating these issues and holding insurance companies accountable. Level your playing field with the insurance company by having an experienced hurricane claim attorney review your case to make sure you're getting every dollar you are entitled to on your claim. We never charge any fee or cost to review your case and advise you of your rights. If you have not yet been paid the full amount on your Hurricane Michael claim, contact us.
How the Interest Calculation Works
Under Florida law, insurance claims that are paid more than ninety days after the date that the claim was filed must usually include interest at a statutory rate pursuant to Fla. Stat. 627.70131 (below). As of January 1, 2019, that interest rate is 6.33%. Few policyholders recovering from Hurricane Michael can afford to leave this money on the table. Because nearly every insurance policy includes a substantial deductible, most policyholders will want to obtain every dollar they are owed under the insurance policy and the law. This helps offset the deducible as well as those items insurance will not cover. Before you accept less than the full value of your claim, contact us for a free no-cost, no-obligation review of your Hurricane Michael claim. (850) 438-4899
Florida Statute 627.70131
627.70131 (5)(a), Fla Stat: Within 90 days after an insurer receives notice of an initial, reopened, or supplemental property insurance claim from a policyholder, the insurer shall pay or deny such claim or a portion of the claim unless the failure to pay is caused by factors beyond the control of the insurer which reasonably prevent such payment. Any payment of an initial or supplemental claim or portion of such claim made 90 days after the insurer receives notice of the claim, or made more than 15 days after there are no longer factors beyond the control of the insurer which reasonably prevented such payment, whichever is later, bears interest at the rate set forth in s. 55.03. Interest begins to accrue from the date the insurer receives notice of the claim. The provisions of this subsection may not be waived, voided, or nullified by the terms of the insurance policy. If there is a right to prejudgment interest, the insured shall select whether to receive prejudgment interest or interest under this subsection. Interest is payable when the claim or portion of the claim is paid. Failure to comply with this subsection constitutes a violation of this code. However, failure to comply with this subsection does not form the sole basis for a private cause of action.