Hurricane Ian losses near $20B as state makes financial aid available

by | Apr 2, 2024

Hurricane Ian has incurred $19.3 billion in insured losses, with more than 758,000 claims filed as FloridaCommerce has made $910 million available for housing rehabilitation and hazard mitigation.

Hurricane Ian, one of the most powerful storms to hit Florida in recent years, has left the state grappling with $19.3 in insured losses, official figures from the Florida Office of Insurance Regulation show.

Agency datasets indicate that insurers have received a total of 758,644 claims in the aftermath of the storm, with residential properties accounting for the majority with more than 541,000 homeowner claims. The commercial sector also faced challenges, with 33,163 claims, compounded by 5,092 private flood claims.

Lee County reported the highest number of claims at 268,212, showcasing the area as the hardest hit. Charlotte and Sarasota counties also reported significant damage

Efforts to resolve these claims have yielded a 90.2 percent closure rate. Lee County has emerged as the epicenter of damage, reporting more than 268,000 claims, followed by significant numbers in Charlotte and Sarasota counties.

On Tuesday, FloridaCommerce, the state’s business advocacy agency, announced the availability of $910 million in funding through four Rebuild Florida programs aimed at aiding recovery efforts following Hurricane Ian.

The plan largely prioritizes housing rehabilitation through the allocation of funds for hazard mitigation infrastructure grants to support affected communities. To compose the document, Florida Commerce conducted research and engaged in outreach, including 40 public meetings, to assess unmet needs following the landfall of Hurricane Ian.

“Thanks to the detailed feedback we received from over 40 meetings in all 24 impacted counties, 4 of which received their own direct federal allocations, Florida has prioritized housing for our neediest citizens and hazard mitigation infrastructure grants to support impacted communities following the devastation caused by Hurricane Ian,” said Florida Secretary of Commerce J. Alex Kelly. “I encourage Floridians to utilize these long-term recovery and disaster mitigation funds to rebuild and make their communities more resilient than ever before.”

In addition to the statewide plan, four counties – Lee, Orange, Sarasota, and Volusia – that received direct federal allocations, will submit their action plans to HUD for separate review. Lee County is set to receive more than $1.1 billion, the largest share, reflecting the high level of infrastructure damage it sustained.

Volusia County will receive more than $328 million for disaster recovery and mitigation efforts, Orange County will receive more than $219 million, and Sarasota County is set to receive more than $201 million.

A significant portion of the funding, $542 million, is designated for the Rebuild Florida Housing Repair and Replacement Program, targeting the repair or replacement of homes damaged by Hurricane Ian, with priority given to households with seniors, children, or those requiring special accommodations.

An additional $120 million is allocated to the Multiple Impact Program, focusing on homeowners affected by both Hurricane Irma and Hurricane Ian, with a priority on aiding vulnerable populations.

The Rebuild Florida Workforce Affordable Housing Construction Program, in partnership with the Florida Housing Finance Corporation, will dedicate $100 million to the construction of new, affordable workforce housing in areas impacted by Hurricane Ian. A further $82 million is allocated for the Rebuild Florida Hazard Mitigation Grant Match Program to support infrastructure projects essential for recovery, with a focus on rural communities.


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