Hurricane Milton, Helene Insured Losses Top $5B

TALLAHASSEE, Fla. — With more than 50% of Hurricanes Milton and Helene insurance claims closed, payouts have exceeded $5 billion between the two storms as property owners work to recover from the widespread damages.

Counties with the largest amount of estimated insured losses from both storms are Pinellas, Hillsborough, Pasco, Manatee, Sarasota, Charlotte, Lee, Orange and Hernando, according to information from the Florida Office of Insurance Regulation. The total estimated insured losses from both storms is $5,033,738,579.

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Hurricane Milton damage

As of Nov. 12, Hillsborough (57,452), Pinellas (41,080), Manatee (29,228), Sarasota (21,635) and Polk (19,338) are the top five out of 20 counties with the greatest number of claims reported with Hurricane Milton damage.

Charlotte, Osceola, St. Lucie, Brevard and Hernando counties, among others, also sustained significant damage from Hurricane Milton.

The total estimated insured losses in Florida for Hurricane Milton were $3,043,195,061 as of Nov. 12.

Of the 285,311claims so far, 226,878 are for residential property damage. The number of claims and estimated losses are expected to increase in the coming weeks. For now:

• Claims under private flood insurance policies: 1,909 (most flood policies are through FEMA’s Flood Insurance Program, not private)
• Claims closed with payments to policyholders: 75,432
• Claims closed without payments to policyholders: 68,616
• Commercial property claims: 10,919
• Percent of claims closed: 50.5%

Of the claims closed without payment, 4,755 were due to non-covered flood damage, 25,062 due to damage below the deductible and 38,799 due to other reasons (including the customer withdrawing the claim or the insured not being reachable).

Hurricane Helene damage

As of Monday, Pinellas (47,095), Hillsborough (16,921), Pasco (9,590), Manatee (8,047) and Sarasota (7,585) are the top five out of 20 counties with the most number of claims reported with Hurricane Helene damage

Charlotte, Duval, Lee, Suwannee, Alachua, Hernando and Taylor counties, among others, also sustained significant damage from Hurricane Helene.

The total estimated insured losses in Florida for Hurricane Helene were $1,990,543,518 as of Monday.

Of the 135,505 claims so far, 60,843 are for residential property damage. The number of claims and estimated losses are expected to increase in the coming weeks. For now:

• Claims under private flood insurance policies: 4,283 (most flood policies are through FEMA’s Flood Insurance Program, not private)
• Claims closed with payments to policyholders: 54,511
• Claims closed without payments to policyholders: 35,375
• Commercial property claims: 4,342
• Percent of claims closed: 66.6%

Of the claims closed without payment, 9,502 were due to non-covered flood damage, 8,919 due to damage below the deductible and 16,919 due to other reasons (including the customer withdrawing the claim or the insured not being reachable).

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