What's New
More than half of all home insurance claims made relating to Hurricanes Helene and Milton have been closed without payment, according to the latest data from the Florida Office of Insurance Regulation (FLOIR).
Why It Matters
In September, Hurricane Helene carved a path of destruction through several U.S. states, killing more than 200 people and causing widespread damage to homes and infrastructure.
Just two weeks later at the beginning of October, Hurricane Milton brought more destruction to the Sunshine State, as well as killing more than a dozen people.
Across both storms, thousands of homes were damaged, and those with unsuccessful insurance claims will be left to foot the bill for repairs themselves—a bitter pill to swallow for Floridians, who already pay some of the highest home insurance rates in the U.S.
The average insurance cost for a home valued at $300,000 in December 2024 is $5,527 per year, according to Bankrate, more than double the price in neighboring Georgia ($2,071) and Alabama ($2,745). The average home insurance premium in Florida is $3,242 more expensive than the national average of $2,285.
What To Know
The latest data released by FLOIR on December 16 showed that 53,356 residential claims for Hurricane Helene damage have been completed. Of those, 33,571 (60.6 percent) resulted in no payment, while 19,785 (39.4 percent) were closed with a payment.
You're more likely to have had your claim paid out for damage relating to Hurricane Milton. As of December 18, of the 196,234 completed claims, 99,844 (50.8 percent) were closed without payment, while 96,390 (49.2 percent) were resolved with payment.
The most common reasons for a closed claim without payment, according to FLOIR, is not meeting the deductible, or being a claim for flood damage, which generally is not covered under a homeowner's insurance policy. Other reasons include the consumer withdrawing the claim or the insured party "not being reachable to adjudicate the claim."
What They Are Saying
Mark Friedlander, director of corporate communications at the Insurance Information Institute, previously told Newsweek: "There are a variety of reasons why a property insurance claim may be closed without payment. Most likely, these are primarily flood claims that are not covered by a standard property insurance, condo insurance or flood insurance policy. You need flood insurance to cover a flood claim."
What's Next
The exact number and percentages of all claims that have been made relating to Helene and Milton are unlikely to be available in the near future because every case is different, and some cases can take much longer than others to resolve. FLOIR datasets from two other major hurricanes that hit Florida—Idalia in August 2023 and Ian in September 2022—show that not all claims have been completed.
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