Florida Hurricane Victims, Old & New

Hurricane Wilma Homeowners & Citizens Policyholders

The 2009 Hurricane Season is only three days old, and local news teams are already stoking the old fears of Cat-5 devastation statewide. But according to Law.com, residents of several South Florida condos are still dealing with unresolved claims from Hurricane Wilma nearly four years ago. Australian insurance giant QBE has amassed a large legal defense team forcing some HOA's to settle, but attorneys for the associations say "QBE hopes to force their clients into unfair settlements to avoid court costs." Meanwhile, Florida politicians promised meaningful homeowners insurance reform back in 2007. So it's interesting that, despite the growing recession and no major storms in three years, Governor Charlie Crist just signed a bill allowing Citizens Property Insurance to raise hundreds of thousands of South Florida home and condo premiums "by up to 10%." Citizens, in turn, says they will likely raise rates the full 10% per year for the next five years for most South Florida homeowners.