Homeowners eligible to receive compensation for multiple hurricane deductibles have been called on by Florida’s Chief Financial Officer Tom Gallagher to act now and file their applications for relief so they are received in Tallahassee before the March 1 deadline.
The Multiple Deductible Reimbursement Program was created to avoid economic tumult the state faced because many Floridians could not afford to rebuild or repair their homes after being charged as many as four deductibles.
The Florida Legislature set a March 1 deadline for applicants seeking reimbursement.
“Those who are eligible for reimbursement of multiple deductibles should have received application packages from their insurance company by now,” Gallagher said, “but if they haven’t received them they should immediately contact their insurer and our department.”
The Department of Financial Services has the application available online at www.fldfs.com
“No one foresaw the possibility of us being hit by four catastrophic storms in one season, nor the economic repercussions our economy could suffer if we don’t get homes rebuilt or repaired,” Gallagher said.
Floridians eligible for the program include homeowners, renters, mobile homeowners, manufactured homeowners, cooperative unit, apartment houses 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 their loss 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 claimed 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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