Insurance Claims Expected to Exceed $5 Billion in Florida Following Hurricanes Helene and Milton

Insurance Claims Surge After Hurricanes Helene and Milton in Florida

Florida – Despite the official end of hurricane season, the impact of Hurricanes Helene and Milton continues to be felt across the state. Recent reports reveal a significant increase in insurance claims linked to the damages caused by these storms, amounting to an estimated $5.233 billion in total claims.

The Numbers Behind the Claims

The Florida Office of Insurance Regulation (OIR) announced on December 1 that the total cost of insurance claims has risen by approximately $200 million since their last update on November 18. This spike is attributed specifically to Hurricane Milton, which made landfall on Florida’s Gulf Coast on October 9. The storm’s estimated claims have now reached $3.343 billion, up from $3.043 billion. In contrast, the estimated claims for Hurricane Helene, which struck the Big Bend area on September 26, remain unchanged at $1.99 billion.

Claim Breakdown

According to the OIR, the number of residential property claims due to Hurricane Milton has also seen a notable increase. As of the latest report, 302,581 claims have been filed, a rise from 285,311 reported claims in mid-November. Of these claims, a substantial 241,909 are residential property damage claims, while 11,730 relate to commercial property insurance. This data is collected through the OIR’s Insurance Regulation Filing System, which compiles estimates based on reported damages.

Impact on Employment

The effects of these hurricanes have not been limited to property damage. Employment figures have also taken a hit following the storms. After Hurricane Helene, the week ending October 5 saw an alarming increase in weekly first-time unemployment claims, with numbers soaring above 8,000. This worrying trend appeared to stabilize in the subsequent week but was followed by another spike after Hurricane Milton hit, with new claims rising to over 10,000 for the week ending October 19.

Unemployment Rates Remain Steady

Despite the fluctuations in weekly unemployment claims, Florida’s overall unemployment rate has remained stable. The October unemployment figure held steady at 3.1%, marking the seventh consecutive month without change. This stability suggests that while immediate job losses were experienced, the broader employment landscape in Florida may be recovering.

Looking Ahead

Although hurricane season officially ended, the repercussions of Hurricanes Helene and Milton will likely linger for months, if not years, as Florida residents work towards restoring their homes and businesses. Residents are reminded to keep track of their claim processes and seek assistance where needed, as the financial burden remains high.