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Florida Storm Claims Soar into the Billions

ororoMunroeRegulation (OIR) recently reported estimated insured losses related to Hurricane Irma have skyrocketed by more than $5 billion, according to an Insurance Business America article. Despite the surge, the OIR also reported that the number of filings and estimates have slowed down.

Interestingly, the majority of the claim filings are coming from Miami-Dade County followed by its neighbor Broward County in second place. Homeowners comprise over sixty percent of the state’s claims while another portion comes from other residential properties and owners of manufactured homes.

The Florida Hurricane Catastrophe Fund may have to shell out billions of dollars to cover the projected insured losses. However, the Sarasota Herald-Tribune reported that the catastrophe fund has enough cash to cover the losses and therefore would not need to borrow money.

If you’re among these Florida homeowners who have filed a claim and you’re getting nowhere with your insurer despite having a legitimate claim, we are here to help. Give us a call to set up a free consultation and we’ll discuss how we can assist you with getting the money you deserve to take care of the damage caused by a storm.

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.