Insurance Claims from Hurricane Irma Approach $4 Billion, But Florida Taxpayers Won’t Have to Pick Up the tab for Citizens Losses

by | Sep 27, 2017

 

The number of insurance claims filed by Floridians after Hurricane Irma continues to climb.

As of Tuesday, the Office of Insurance Regulation reports 605,520 claims filed, with estimated losses totalling  $3,857,047,544.

Miami-Dade County leads the state with 69,967 claims filed, followed by Orange County with 50,000.

They are followed by Broward with 47,706, and Lee with 44,085, and Collier with 39,959.

Claims have been filed in all 67 Florida counties as the result of damage caused by Irma, attesting to the magnitude of the storm as it hit the Florida Keys and swept up the western side of the peninsula just over two weeks ago.

Insurance officials say most of the claims will not result in a payment from insurers, since most claims won’t meet the policies’ deductibles. Most deductibles range from 2 to 5 percent of policy value.

Meanwhile, there is some good news for taxpayers regarding insurance claims.

It was announced Wednesday that about 70,000 Citizens Property Insurance policyholders are expected to file an estimated $1.23 billion in claims. Those numbers are lower than expected. Citizens is a state-supported insurer.

The lower claims numbers for Citizens means that should keep taxpayers from having to pay for any part of the of the insurer’s cost. Whenever a hurricane hits Florida and costs exceed Citizen’s ability to pay, the insurer can add a surcharge to all insurance policies in Florida.

 

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