Gunster Naples Office Managing Shareholder, Michael Traficante, recently spoke with Commercial Observer regarding the property insurance crisis in Florida, which can be attributed to both natural disasters and the high cost of lawsuits against property insurance companies.
Traficante underscores the importance of understanding that property insurance doesn’t cover flood insurance. “When you have these higher-end homes that are 10,000 to 15,000 square feet, the $500,000 FEMA flood policy is not going to cover it,” he notes.” “You usually got to buy excess flood [insurance], which comes at a significant cost.”
Michael Traficante serves as Gunster’s Naples Office Managing Shareholder. His practice is focused on complex commercial and civil litigation. He represents clients in various matters involving real property litigation, business litigation, probate and trust litigation, and commercial litigation – in both state and federal court and in arbitration proceedings. Michael is also skilled in various aspects of construction law and litigation.