A little over a month has passed since Hurricane Michael rampaged through the Florida Panhandle as a powerful Category 4 storm. A month since causing its extensive damage, Florida is still dealing with a rise in losses as recovery efforts continue. Hurricane Michael is the most powerful storm of its kind to ever hit the Panhandle since record keeping began in the 1850s.
As of the 9th of the month, Hurricane Michael insured losses were estimated to be close to $2 billion per the Florida Office of Insurance Regulation (OIR). The storm was different than last year’s Hurricane Irma in that Michael affected a specific region of Florida yet managed to be the strongest storm to make landfall since the powerful Hurricane Andrew back in 1992. It’s estimated that the total cost of Michael-related claims will hover around $4.5 billion to as much as $10 billion. That number includes states beyond Florida.
Thankfully, insurance companies have been well-prepared for Hurricane Michael, with the OIR reporting that there has been no indication of any issues arising with insurance companies being able to deal with claims.
To read more, visit https://www.insurancejournal.com/news/southeast/2018/11/20/509157.htm.
This information is provided by Miami insurance lawyer 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 or a property insurance disputes Miami lawyer and receive a free consultation We look forward to working with you.
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