March 1 is the deadline for Florida homeowners who paid multiple hurricane deductibles to apply for relief from the state according to Tom Gallagher, Chief Financial Officer.
The program was created to avoid the terrible economic consequences Florida faced if people who were struggling to pay multiple hurricane deductibles were unable to repair or rebuild their homes. The Legislature also accepted Gallagher’s proposal to limit hurricane deductibles to one per year for future hurricane seasons.
“If policyholders were subject to more than a single, full deductible they should have received an application from their insurance company,” Gallagher said. “If they have not received anything, they should call their insurer immediately. Also, they should call our department at 1-800-22-STORM to request an application package, or they can download one at www.fldfs.com.
“The bottom line,” Gallagher said, “is that if you believe you are eligible you must file an application or you cannot be considered for reimbursement.”
Floridians eligible for the program include homeowners, renters, mobile homeowners, manufactured homeowners, cooperative unit owners, apartment house owners and homeowners and condominium associations who paid one full deductible for hurricane losses and also incurred deductible losses from a second, third or even a fourth hurricane.
Individuals may apply for reimbursement of the amount of the deductible they were assessed in excess of their first deductible, capped at $10,000 for damage caused by two hurricanes or $20,000 for damage caused by three or more hurricanes during the 2004 hurricane season.
Condominium associations can recover a maximum of $3,000 per unit that did not have insurance for assessments. Any policyholder who paid more than one full deductible also may be eligible for relief. Applicants must have documentation from their insurance providers to verify that more than one hurricane claim was filed.
Reimbursements will be reduced by $100 to the total reimbursable amount for each claim filed after the first storm claim; and by any funds received as a grant to cover the deductible through federal, state, county, or municipal programs.
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