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Why this hurricane may have you looking at your policy

On Behalf of | Oct 7, 2016 | Insurance Law

Even though Hurricane Matthew has been downgrade to a category 3 hurricane, the storm is still expected to cause considerable damage all along Florida’s east coast. With winds expected to reach 120 mph and a storm surge that has already caused flooding in northeast Florida, says one Weather Channel article, it’s already starting to look bad for home and business owners in our state.

The economic-loss estimates coming out of one USA Today article don’t look promising. One chief economist estimates that Hurricane Matthew could cost “tens of billions of dollars,” possibly even rivaling the roughly $70 billion in damages caused by Hurricane Sandy. Even the most conservative estimates don’t look any better, pegging storm damages around $25 billion.

These numbers could have a number of people worried about their homes and businesses. Even now, only days into the storm, many are probably starting to wonder if their policy in enough to cover all of the damages. Some may even be worried about the pushback they could receive from the insurance company, including accusations that certain damage is not covered by the policy.

Although homeowners and business owners have every reason to consider reviewing their insurance policy now, business owners may have an added concern: how will the storm affect their business and for how long?

With the estimated extent of damage to homes and buildings, coupled with the current construction worker shortage, business owners may have to wait a long time before rebuilding and getting back to earning a revenue. Any delay in business could end up costing a business owner significantly, unless they file a successful business interruption claim. Even then, it’s still possible to encounter pushback from an insurer, a problem that is best dealt with while an attorney is at your side.