Two weeks after Hurricane Milton slammed into Florida, only a small fraction of insurance claims have been processed. According to the state Office of Insurance Regulation, just 15.8% of the 237,231 reported claims have been closed as of Wednesday.
Of those closed claims, 17,427 were closed with payment to policyholders, while 20,144 were closed without payment. The Office of Insurance Regulation explains that claims may be closed without payment for various reasons, such as policyholders not meeting their deductibles or damage being caused by flooding, which is typically not covered by standard homeowners’ insurance policies.
READ: Hillsborough County Approves $60 Million For Hurricane Milton Debris Removal
Breakdown of Claims
The majority of claims, 190,623, involve damage to residential property. Another 31,660 claims are for damage to private passenger vehicles. The remaining claims cover various categories, including commercial property and vehicles.
Estimated Insured Losses
As of Wednesday, estimated insured losses from Hurricane Milton have reached $2.799 billion. These figures highlight the significant financial impact of the storm, which made landfall as a Category 3 hurricane in Sarasota County on October 9th and crossed the state.
The slow pace of claims processing underscores the challenges faced by both insurance companies and policyholders in the aftermath of a major hurricane.
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