Gotta Hand It To Hurricane Insurers

As if death & devastation ain’t enough, we learn “Homeowners hit by Helene Are In for an Insurance Claim Shock” as in “read the fine print absolving the insurer from many if not all claims.”

As the WSJ coverage warned homeowners rushing to file insurance claims after Hurricane Helene left a trail of destruction across six states, “Many of them will likely be left empty-handed.” That’s because “Property insurers in recent years have hollowed out coverage & sharply increased rates to make up for steep underwriting losses driven by natural disasters. Owners of homes & businesses slammed by Helene could be in for a nasty shock when they check the small print of their policies.”

Said one claims adjuster: “Insurers have become significantly tougher on hurricane claims. We’ve moved to an era dominated by exclusions, diminishing coverages [e.g., higher deductibles] & even harsher policy terms.” In recent years, some state AGs (e.g., Texas vs State Farm) have gotten so deluged with hurricane coverage complaints that even criminal as well as fraud investigations have been launched. Translated: Read your insurance policy carefully sooner rather than later. Don’t think any two insurers are alike in their coverage terms or that you are in Good Hands just because a Patrick Mahomes says so in a TV ad.

Davd Soul