Business owners in Florida may be facing inflated insurance rates after several severe weather events have caused Florida business insurance prices to skyrocket.

Florida Business Insurance Rates Increase Due to Severe Weather Events

So far in 2019, the National Weather Service has recorded fourteen severe weather events including high winds, flooding, or tornadoes across the United States. These severe weather events have caused billions of dollars in damages and left residents, business owners, and communities struggling to cover the costs to repair homes and businesses.

Bisnow reports that in 2019, rates for commercial property insurance on property such as offices, industrial buildings, multifamily dwellings, and hospitality properties have increased by an average of 16 percent. For commercial properties located in zones deemed to be at a high risk of experiencing severe weather, these rates have increased by an average of 22 percent.

If commercial property owners in these high risk areas have previously sustained damage to their businesses, their rates may increase even more, costing business owners an additional 30 to 50 percent on top of their original rates. Coastline states such as Florida are at an increased risk of experiencing severe weather events, leading Florida business insurance rates to rise at a concerning speed.

In addition to the rising cost of insurance policies, some business owners have found that their business interruption insurance policies don’t offer as much coverage as they had expected.

Florida Home and Property Insurance

Due to the state’s proximity to the Atlantic ocean, the east coast of Florida is especially vulnerable to tropical storms and hurricanes. Thousands of home and business owners in the state may be located in high-risk flood zones.

The private flood insurance market in Florida has risen by 169 percent since 2017, with more than 1.7 million flood insurance policies in place in the state as of late 2018. However, according to many consumers, these policies may not cover as much as policyholders expect.

In many cases, consumers claim that their insurance companies have delayed the claims process, offered lowball amounts to cover property damage, or flat out denied their claims. According to one estimate, around 90 percent of flood property damage claims related to Hurricane Irma were denied.

Consumers and business owners whose insurance claims have been denied may benefit from checking in with a knowledgeable Florida insurance attorney. Having an experienced attorney at your side may make navigating the insurance claims process easier, and may increase your likelihood of receiving the maximum insurance payout you are owed. Even if your insurance company has already paid out a settlement amount for your property damage, you may still qualify to join an investigation and pursue additional compensation.

Florida business insurance policyholders may be able to recover compensation for property damage including water damage, wind damage, storm damage, hurricane damage, cast iron pipe leaks, roof leaks, and other damages.

Florida Property Damage Insurance Claim Help

If you live in Florida and your home or business was damaged, enlisting the help of an experienced property damage attorney may make a difference in the outcome of your claim. 
Learn more by filling out the form on this page for a free case evaluation by a Florida property damage lawyer. 

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