Florida property owners are facing an uphill battle when it comes to getting insurance payouts after this year's hurricanes. Despite expecting relief from their property insurance claims, many homeowners and business owners are receiving denials. Data from the Florida Office of Insurance Regulation (OIR) shows that the majority of storm-related insurance claims have been closed without payment, underscoring the importance of having experienced property damage attorneys on your side.
Hurricane Debby: Closed Claims Without Compensation
After Hurricane Debby hit Florida's Big Bend in August, many residents hoped to receive prompt payouts for damages. However, only 3,503 residential claims were closed with payment, while 7,397 claims were denied without any compensation. For commercial properties, the outcome was just as bleak, with only 72 claims paid and 194 closed without payment.
Lack of Insurance Payouts After Hurricanes Helene and Milton
The situation is similar with Hurricanes Helene and Milton. With estimated losses exceeding $1.32 billion, Hurricane Helene saw 7,512 residential claims paid and a staggering 13,895 closed without compensation. On the commercial side, just 101 claims were paid, while 347 were denied. Meanwhile, Hurricane Milton, which brought over $2.66 billion in damages, saw 7,297 residential claims paid and 13,108 closed without payment. Only 43 commercial claims were paid, compared to 341 closed without compensation.
Citizens Property Insurance Corporation’s Claim Denials
Citizens Property Insurance Corporation, the state’s insurer of last resort, has received significant criticism for its handling of claims. According to NOTUS, Citizens denied payment on 77% of claims filed against it. This trend has left many property owners feeling abandoned, especially as they navigate the costly process of rebuilding.
Insights from the OIR and Governor DeSantis
Michael Yaworsky, OIR Commissioner, recently claimed that Florida’s property insurance market is showing signs of strength. He stated that the agency is working with insurers to ensure continued growth. Governor Ron DeSantis also weighed in, asserting that the state’s insurance market is in “good shape,” citing rate reductions and increased coverage from several insurers.
What Florida Property Owners Need to Know
As property owners deal with this wave of denied claims, the support of a knowledgeable property damage attorney is more vital than ever. If you’ve experienced denied or underpaid hurricane claims, our law firm is here to help. We have the experience and legal tools necessary to hold insurance companies accountable and maximize your recovery.
This blog post was inspired by data reported by A.G. Gancarski in an original article for Florida Politics. Read the full article here.
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