Owners of homes damaged by Florida’s four hurricanes will have a little more time to get their properties repaired before worrying about losing their insurance.
The Governor and cabinet approved an emergency rule Tuesday extending the moratorium on insurance cancellations and non-renewals.
Under the rule, insurance companies can’t cancel or non-renew a policy until after repairs are completed, at least through the end of March.
Tom Gallagher is Florida’s Chief Financial Officer. "Yes this provides protection for policy holders so that it keeps their insurance company from dropping them and non-renewing them while their home is still damaged. One of the worst things that can happen is for someone to have their insurance dropped when their home has not been completed in regards to the repairs, and therefore they have an uninsurable home and cannot get insurance somewhere else."
Gallagher is pushing for the rule to be made permanent once lawmakers return to Tallahassee in the spring.
More than 160,000 Florida property owners are still struggling to settle claims with their insurance company.