PINELLAS COUNTY, Fla. — Driving around the Bay area coast, it’s clear last year’s hurricanes wreaked havoc, causing billions of dollars in damage.
Now, there’s a better way to understand the magnitude of the damage.
What You Need To Know
- New numbers show more than 329,000 statewide residential property insurance claims since the storms
- About 40% of the claims have been denied, according to a Realtor.com report.
- Office of Insurance Regulation Catastrophe Claims Data Reporting
- Realtor.com: Florida Insurers Have Paid Just Half of Claims From Hurricanes Milton and Helene
New numbers show more than 329,000 statewide residential property insurance claims since the storms.
But those same numbers indicate less than half those claims have been paid out, per the Florida Office of Insurance Regulation (FLOIR).
According to a Realtor.com report, 42% of the claims have been paid. But more than 40% were denied, indicating it was either something the policy did not cover, or the damage fell below the deductible.
As for the claims still open, 7% of them are still in the evaluation process, according to state regulators.
Overall, according to FLOIR, residential property insurance policies have paid out $2.4 billion in claims related to Milton, and $500 million for Helene.
Excluding federal flood insurance, total payments for the two hurricanes in Florida during 2024, including commercial and auto policies, have topped $5.7 billion.