Florida Insurance Claims Continue to Rise

  • Florida Insurance Claims Continue to Rise

    umInsurance claims related to Hurricane Irma continue to rise in Florida. FEMA has approved over 140,000 applications and provided more than $120 million to take care of damages to homes and businesses without insurance or the necessary coverage.

    Despite those numbers, they fail to represent the massive number of hurricane-related claims throughout the state. According to the Florida Office of Insurance Regulation, claims have skyrocketed to just over $4 billion in losses. In terms of the counties with the largest number of claims, Miami-Dade managed to top the list at nearly 80,000 followed by Orange County and our neighbor to the north Broward County with 54,962 and 52,741 claims, respectively.

    Across the state, more than eighty percent of Irma-related claims involve damages caused to residential properties such as apartment buildings and homes. As for the rest, they are related to private and commercial property.

    About one in five claims unrelated to FEMA that were filed statewide have been either paid out or denied, a clearance rate of just over eighteen percent. These numbers include claims process by private insurers and last resort insurer Citizens Property Insurance Corp.

    This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you.

    This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.

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