Victims of Hurricane Harvey and Hurricane Irma continue dealing with the storms’ financial impact. Insurance company claim denials are frequently unfair and illegal. When an insurance company refuses to make a fair claim settlement it may require filing a bad faith insurance claim lawsuit to recover compensation for wind and flood damage.According to a recent report, the two states that were hit hardest by the late August storms have seen a remarkable increase in the number of mortgage delinquencies in the months of September and October, with the areas hit hardest by the storms showing a 24 percent increase in mortgage payments not being submitted.
The report was issued by Black Knight Financial Services and detailed the impact of Hurricane Irma and Hurricane Harvey as resulting in over 160,000 delinquent mortgages in Florida and more than 66,000 in Texas that are specifically tied to the storms. Hurricane Harvey is said to have caused almost $200 billion in damage, while Irma accounted for an additional $50 billion. The two storms combined had a dramatic impact on the country’s delinquency rate, increasing it by 4 basis points. Without Florida and Texas in the mix, the overall delinquency rate would have dropped by 14 points in September and October.
Help for Hurricane Victims
Homeowners struggling to deal with losses caused by Hurricane Irma and Hurricane Harvey have several types of help available to them, including mortgage forbearance for up to three months for those whose conventional mortgages are in the area affected by the disasters.
There are also a number of loan modifications and forbearance programs Additionally, you may be eligible for FHA Disaster relief. Most people affected by hurricanes rely on reimbursements from their insurance companies to help them get back on their feet and pay for the damage that’s been done by rainwater, flash flooding, wind damage and more, only to find those companies underpay, delay or deny their claims.
These denials are frequently unfair and illegal, and best handled by filing a bad faith insurance lawsuit to recover the compensation that should be available.