In our last post, we talked about the San Bruno gas explosion and the costs of repairs. Florida homeowners are no strangers to disasters, but we believe it’s worthwhile to talk about the insurance implications of the San Bruno accident.
In the wake of the San Bruno, California pipeline explosion last week, the utility set aside about $100 million to help the victims. Whether they distribute that money depends largely on the results of the investigation into what caused the blast. If the company is not at fault, the people who were injured, the people who lost their homes, and the people who lost their loved ones will likely not see any of that money. Instead, they will rely on their insurance carriers. And industry insiders from Florida to Washington State will be following the story.
Florida homeowners are concerned that proposed sinkhole legislation will cause delays or denials of insurance claims. Insurers are pressing for the law change in response to a sharp increase in the number of sinkhole claims over the past few years.
The 2010 hurricane season is entering what is typically its most active period, and Florida is one of the three most hurricane-prone states. To protect your home or business property, you need to act now to buy flood insurance.
