A.G. Gancarski
Florida homeowners and business owners who expected storm relief via property insurance claims after three hurricanes this year are being disappointed, per data from the state’s Office of Insurance Regulation (OIR).
Regarding residential claims in the wake of Hurricane Debby, which hit the Big Bend in August, 3,503 were closed with payment, while 7,397 were closed without compensation.
Commercial numbers are just as bleak, with 72 claims closed with payment and 194 without.
Some insurers have been especially stingy, including Citizens Property Insurance Corporation, the state insurer of last resort. NOTUS reports it did not pay out on 77% of claims against it.
Per OIR, 75% of Debby claims are closed across the industry for the storm that imposed nearly $131 million in insured losses in Florida.
Subsequent hurricanes show the same trend.
With estimated losses already exceeding $1.32 billion, Hurricane Helene has seen 7,512 residential property claims closed with payment and 13,895 closed without. Another 101 commercial property claims have been paid out, compared to 347 that were not so far.
Overall, most claims have been closed with payment, owing to a preponderance of paid-out claims for private passenger auto policies (12,713 paid out; 3,021 not).
Hurricane Milton has estimated losses of more than $2.66 billion, and the same trends apply to the third, and hopefully final, major storm of the 2024 season that will impact the Sunshine State.
Regarding residential claims, 7,297 of those closed have been paid out, while 13,108 were closed without payment. And 43 commercial claims were paid, while 341 were closed without payment. Just 13% of all claims have been closed.
Michael Yaworsky, the head of OIR, pointed earlier this month to the “continued strengthening of Florida’s property insurance market, which is contrary to the narrative that has been circulating about our industry in recent months,“ adding that OIR would “continue to work with all carriers in the state to bolster the significant progress that has been made and finish the year on a glide path to sustained growth.”
Before Milton hit, 15 companies filed for rate decreases, and increases were lagging behind the previous year overall, at 1.6% year-over-year compared to 7% over the last 12 months.
Some days ago, DeSantis said it was “too early” to guess the insurance impacts ahead of Milton. But ahead of Hurricane Helene, DeSantis said insurance in the state was in “good shape” with “57 companies filing either no increases or reduction in rates” and “people that are actually increasing their exposure in the state of Florida.”
15 comments
Dont Say FLA
October 22, 2024 at 9:16 am
You voted GOP because you wanted deregulation and the related business boom that looks great on the TV news, never mind the source of the increased profits.
And now here comes YOUR benefit from deregulation: YOU’RE THE SOURCE. All those profits came from your premiums you paid, thinking they would pay off if disaster ever struck.
But then the deregulation, the deregulation that YOU wanted, the GOP deregulation that YOU voted for, yeah, that happened. Whoops.
Enjoy your pile of garbage and debris before the actual rats eat what’s left of it!
Michael K
October 22, 2024 at 9:31 am
Amazing how the GOP convinces people to vote against their self-interest.
And now, the party is blatantly promoting an oligarch who is literally (and likely illegally) buying votes and Trump. Musk has billions of dollars in government contracts and now wants a big role in running the federal government. Musk is now spreading harmful voter misinformation in Michigan. The wheels are flying off the bus and the guardrails are disappearing.
Dont Say FLA
October 22, 2024 at 9:52 am
Yeah I am surprised every single day when I hear how this foreigner from Africa, Elon Mush, is allowed to influence elections in USA and was allowed to purchase Twitter to push his African political agenda onto hard working, red blooded Americans.
Not only that, this political meddler from Africa has the full support of the MAGA party (formerly known as the GOP) while they cry rivers of crocodile tears over a Chinese company owning TikTok.
An African owns the MAGA party and the MAGA Twitter, but TikTok is the problem?
MLeeB
October 22, 2024 at 10:03 pm
BOTH are problems.
Where did you get the idea it had to be one or the other?!
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cassandra was right
October 24, 2024 at 1:22 pm
That’s the question MAGAs must answer: Why are they only crying about one of them?
A Day without MAGA
October 23, 2024 at 3:58 pm
Musk is more African than ,me and I am Black,Musk daddy married, Elon foster sister ,you wonder why Musk is creepy Google Elon Musk Daddy Marriage
Nobody Important
October 22, 2024 at 11:00 am
Uh huh, because billionaires don’t donate to both parties?
Even the Democrats do a shit job of regulating on these corporations. Look at the deal they reached with pharmaceutical companies, the one where our government negotiated with the pharmaceutical companies only to negotiate the prices of a handful of medications only. Why? Because they don’t want to hurt their donors pockets, while doing just enough to trick voters into believing they have their best interests.
Seriously, get real woke and stop tooting the uniparty propaganda. When the problem is party affiliation, the party’s are the problem. But then again, what did George Washington know.
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MLeeB
October 22, 2024 at 10:17 pm
You are quite mistaken about the pharmaceuticals.
The new law is why Big Pharma had to come to the table. It authorizes Medicare to negotiate Rx prices, which saves Medicare – the taxpayers – a lot of money. The negotiations began with 10 drugs; more have been negotiated down since that first batch. Even MORE will be negotiated down in 2025, and on and on, like that. Officials can’t do them all at once!
Seriously, READ THE LAW.
And do not be misleading people with misinformation. Thank you.
Cat 5 Patty
October 23, 2024 at 3:50 pm
Why Florida is having a hurricane Cat 5 in November, Google Central American Gyre Florida
A Day without MAGA
October 22, 2024 at 9:49 am
Hurricane Oscar was a dud
Michael
October 22, 2024 at 10:08 am
We have had this article already. Wind coverage (aka hurricane insurance) covers damage from wind, not water entry damage because of storm surge. Plus, most policies I’ve seen have $25K hurricane deductibles. A 2,000 sq ft house with part of the roof damaged will be under deductible. I’m surprised so many Florida residents are surprised how this coverage works.
PeterH
October 22, 2024 at 12:16 pm
Correct. If your damage doesn’t meet the deductible…… your claim is cancelled. Many Florida condo owners have personal insurance for their own apartment…… but the association has a “building” policy that in many cases has a $5 million + deductible!!!
Victoria Olson
October 22, 2024 at 11:02 pm
The fault lies with the Governor & his cronies who sided with insurance companies against Florida residents with non payments or such low payments that they can’t fully repair their homes. DeSantis has turned his back on his responsibilities to Protect his constituents & this human garbage wanted to be President. Never forget how your Governor ruined your future.