Property owners aren't getting what they expected from their insurance policies.
Florida homeowners and business owners who expected storm relief via property insurance claims after three hurricanes this year are being disappointed, per data from the state’s Office of Insurance Regulation (OIR).
Regarding residential claims in the wake of Hurricane Debby, which hit the Big Bend in August, 3,503 were closed with payment, while 7,397 were closed without compensation.
Commercial numbers are just as bleak, with 72 claims closed with payment and 194 without.
Some insurers have been especially stingy, including Citizens Property Insurance Corporation, the state insurer of last resort. NOTUS reports it did not pay out on 77% of claims against it.
Per OIR, 75% of Debby claims are closed across the industry for the storm that imposed nearly $131 million in insured losses in Florida.
Subsequent hurricanes show the same trend.
With estimated losses already exceeding $1.32 billion, Hurricane Helene has seen 7,512 residential property claims closed with payment and 13,895 closed without. Another 101 commercial property claims have been paid out, compared to 347 that were not so far.
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