MULTIPLE DEDUCTIBLE REIMBURSEMENT
PROGRAM QUESTIONS & ANSWERS
- What is the multiple deductible
With four hurricanes in less
than 45 days, the possibility of being charged more than one insurance
deductible became a reality for many Floridians. Paying more than one
deductible was financially devastating to many. On Dec. 16, the Florida
Legislature approved a law to provide financial relief for storm victims who
were charged more than one deductible when they filed claims with their
- What type of policies will be
included in this disbursement?
The following type of contracts will be
included in the disbursement: Homeowners, Mobile Homes, Dwelling Fire, Renters,
Condominium Unit Owners and Condominium Associations. Commercial, Marine,
Auto and any other types of insurance were not included.
- How do I file for this type of
Your insurance company will
provide you with the form to apply for the reimbursement. If you do not hear
from your company by January 22, call us for additional guidance.
Are there any deadlines?
The form identifying the amount of the deductible, provided to the insured by
the company, needs to be filed with the Department of Financial Services by
March 1, 2005.
When the claim for
reimbursement has been filed, how long before any reimbursement will be
The deadline for the filing with the
Department of Financial Services is March 1, 2005.
When the form is received by the Department, it will go through a verification
process to make certain the amount for reimbursement is correct. Processing
time will depend on the number of reimbursement requests received by the
Department. Your reimbursement will be sent to you once processing is
What is the limit for reimbursement?
The maximum reimbursement is limited to the
amount of the policyholder’s loss in excess of one full deductible, but not more
than $10,000 per policy for damage caused by two hurricanes, not more than
$20,000 per policy for damage caused by three hurricanes, and not more than
$30,000 per policy for damage caused by four hurricanes.
7. Will I be reimbursed 100
percent of my out-of-pocket expenses or 100 percent of the deductible?
All reimbursements will be reduced by $100 of
the total reimbursable amount.
How are the payments going to be made?
The law states that the Department will
reimburse those policyholders who paid two or more full deductibles first.
Then, those policyholders who met one full deductible and part of second or
third deductible will be reimbursed. Then, those consumers whose multiple
deductibles add up to at least one full deductible will be reimbursed.
9. What if the consumer received a
grant from FEMA (this is not to be confused with an SBA loan). Is the consumer
entitled to reimbursement?
Reimbursement will not be paid for loss
amounts for which the policyholder received a grant from FEMA or any other
federal, state, county or municipal agency or program.