Friday, September 17th, 2004 — Many homeowners in the Orlando area suffered a double blow when hurricanes Charley and Frances struck in quick succession. Now, they‘re smarting from a financial one-two punch — two insurance deductibles. Florida insurance regulators have received nearly 900 complaints from homeowners who have been told they must ante up two deductibles. In about 750 cases, the homeowners have gotten relief; 130 cases are pending.
"The law does allow it," says Tom Gallagher, head of the Florida Department of Financial Services, which oversees the insurance industry. "Each named hurricane is a separate event. But I don‘t think it‘s very fair."
Gallagher would like to see the law changed so that homeowners could be charged only one deductible during a hurricane season.
He also wants the state Legislature to give homeowners more flexibility in choosing a deductible that fits their financial circumstances.