Florida lawmakers on Thursday approved a measure – House Bill 9A -that will provide $150 million in financial assistance for Floridians faced with multiple hurricane deductibles. Those eligible will be reimbursed up to $10,000 to cover a second and third deductible. Storm victims will be responsible for paying their first deductible plus $100 toward each subsequent deductible.
The new law requires the state Department of Financial Services to promulgate rules governing eligibility and the application process. Pending the governor’s approval of the new law, the department will be assessing available data on policyholders with multiple deductibles and working with insurance companies to ensure all eligible Floridians are identified.
“Our goal is to get financial assistance to impacted Floridians as soon as possible,” said Florida ‘s Chief Financial Officer Tom Gallagher, who oversees the Department of Financial Services. “Applications from insurance companies to eligible Floridians should be in the mail by early January.”
As part of their application, storm victims will need to provide proof from their insurance companies that a second or third deductible was applied.
Once applications are completed, Floridians will need to forward them to the Florida Department of Financial Services. Submission instructions will be included in the application packet storm victims will receive.
The new law requires eligible Floridians to submit applications no later than March 1, 2005.
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