News & Media
enhanced satellite image of a hurricane
Share this article:

Hurricane Milton, Helene Costs Top $4.3B

By Amy Connolly

As recovery continues, more than 26,000 people have checked into FEMA-supported housing and more than 2,700 blue tarps have been installed on roofs.

ORLANDO, Fla. — Total estimated insurance losses for Hurricanes Milton and Helene exceed $4.3 billion with more than 380,000 claims filed for both storms, according to information from the Florida Office of Insurance Regulation. At the same time, the U.S. Federal Emergency Management Agency (FEMA) has approved $660.1 million in aid for both storms to help with losses.

In addition, 10,789 households (more than 26,545 people) are checked in to FEMA’s Transitional Sheltering Assistance hotels and motels and 2,758 tarps have been installed on homes through the U.S. Army Corps of Engineers’ Operation Blue Roof, FEMA said. To date, the National Flood Insurance Program has paid out $559 million for both storms. The Small Business Administration has distributed $34 million in loans.

Hurricane Milton

Hurricane Milton made landfall near Siesta Key on Oct. 9 as a Category 3 storm. As of Oct. 28:

  • Total estimated insured losses: $2,878,981,114
  • Total claims: 253,452
  • Residential property: 202,989 
  • Commercial property: 8,934
  • Private flood: 1,535 (most flood claims are processed under the National Flood Insurance Program, not private flood insurance)

The counties among those with the highest number of reported claims include:

  1. Hillsborough  52,485
  2. Pinellas          37,239           
  3. Manatee        26,786
  4. Sarasota        19,409           
  5. Polk                17,294
  6. Pasco             14,548
  7. Volusia           12,217
  8. Lake               10,198
  9. Orange           9,197 
  10. Lee                 7,778

To date, 19,694 residential property claims have been closed with payment and 30,623 have been closed without payment. Of the claims closed without payment, 1,504 were due to non-covered flood damage, 8,528 due to damage below the deductible and 20,591 due to other reasons (including the customer withdrawing the claim or the insured not being reachable). Overall, 25.8% of all claims have been closed.

Hurricane Helene

Hurricane Helene made landfall near the Big Bend region on Sept. 26 as a Category 4. As of Oct. 25,

  • Total estimated insured losses: $1,437,491,638
  • Total claims: 127,066
  • Residential property: 57,415         
  • Commercial property: 3,310
  • Private flood: 3,799 (most flood claims are processed under the National Flood Insurance Program, not private flood insurance)

The counties among those with the highest number of reported claims include:

  1. Pinellas          44,885
  2. Hillsborough  16,049
  3. Pasco             9,225
  4. Manatee        7,515
  5. Sarasota        6,972
  6. Charlotte        4,902
  7. Duval              3,997
  8. Lee                 2,842
  9. Suwannee     2,372
  10. Alachua          2,202

To date, 10,460 residential property claims have been closed with payment and 19,068 have been closed without payment. Of the claims closed without payment, 4,065 were due to non-covered flood damage, 4,972 due to damage below the deductible and 10,031due to other reasons (including the customer withdrawing the claim or the insured not being reachable). Overall, 41.6% of all claims have been closed.

© 2024 Florida Realtors®

You May Also Like