LARGO, FL – While Florida residents continue their efforts to recover from the damage caused by Hurricane Milton, the financial costs of the storm are becoming more clear.
WTSP reports details of an assessment by Karen Clark & Company, which estimates that privately insured losses from Hurricane Milton are expected to reach $36 billon. In terms of the most costly hurricanes on record, the total would rank Milton behind Hurricanes Katrina and Ian, while placing it at about the same level of losses as Hurricane Ida.
So far, the Florida Office of Insurance Regulation estimates combined insured losses from Hurricanes Helene and Milton at over $3 billion.
Mark Friedlander with the Insurance Information Institute noted the catastrophic effects of Milton that made it even more damaging than Helene, which was categorized as a moderate loss event. But he told WTSP that the industry can withstand the impact of both hurricanes.
“The Florida property insurance industry is in its best financial position in many years due to the legislative reforms that addressed legal system abuse and claim fraud,” Friedlander was quoted as saying.
Including damage done by Helene in other states, Moody’s estimates that combined privately insured losses for the two storms range between $35 billion and $55 billion. Those figures only represent the insured loss, and do not include the federal flood insurance program.
Friedlander noted the importance of having flood insurance even for areas not in high-risk designated flood zones, though the high costs of this insurance have proven difficult for many homeowners to afford.
After Hurricanes Helene and Milton, our Florida Hurricane and Storm Damage Claims Lawyers at Whittel & Melton want insurance companies to be held accountable for fully compensating their customers so that our communities can recover. We are here to be your legal advocates to ensure that you recover what you are rightfully owed from your insurance company or FEMA. We can walk you through how to prevent delays, make sure you understand FEMA’s regulations, and fight for maximum compensation for your claim. Call us now at 866-608-5529 or contact us online for a free consultation.