Florida's chief financial officer said he has recommended legislation that would require insurers to speed up payments to policyholders for living expenses and repairs after their homes were damaged by hurricanes.
The measure being suggested by Tom Gallagher, Florida's CFO, would ensure that homeowners immediately receive insurance money for additional living expenses and lost personal contents, as well as 20 percent of the insurance proceeds to repair structural damage, without the need for an endorsement from their financial institution.
“This legislation will ensure faster payment for storm victims following a major catastrophe,” said Mr. Gallagher in a statement. “It will make it easier for families to get the money they deserve.”
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