Home insurance companies in Florida have settled only half of the claims related to Hurricanes Milton and Helene, according to recent data from the Florida Office of Insurance Regulation (FLOIR). The hurricanes, which struck last fall, led to over 329,000 residential property insurance claims. Of these, 42% were closed without payment and 7% remain open and unpaid.
Hurricane Helene hit Florida’s Big Bend region on September 26, 2024, as a Category 4 storm, causing major inland flooding in Georgia and North Carolina. Less than two weeks later, Hurricane Milton made landfall on Florida’s Gulf Coast as a Category 3 storm. In Florida, both storms caused significant damage through high winds covered by traditional homeowners insurance. However, flood damage is typically covered separately by a federally administered program.
Locke Burt, CEO of Security First Insurance Co., one of Florida’s largest home insurers, explained some reasons for claim denials. Of approximately 5,000 claims related to Hurricane Milton received by Security First, about a quarter have been closed with payment while 15% are open with payment. Additionally, 16% remain open without payment due to recent filings or pending contractor availability for repairs.
Burt noted that many claims were closed because damages fell below the deductible threshold. “The deductibles in Florida are big,” he said. “The normal hurricane deductible for most people is 2% of the value of the house.”
Approximately 20% of claims were declined because reported damages were not covered under policy terms. Burt mentioned that some homeowners file flood damage claims knowing they will be denied so they can seek federal flood insurance reimbursement. Other denials occur when policies exclude wind damage or cover structures not included in the policy.
Of rejected claims by insurers, around 38% had damages below deductibles and 14% involved uncovered flood damage.
Burt commended Florida for its transparency in posting insurance claim resolution data online: “We have a difficult business to understand,” he said. “But one thing that Florida is doing well is putting all this data together and putting it on the web.”
According to FLOIR data excluding federal flood insurance payouts: $2.4 billion has been paid out for Milton-related claims; $500 million for Helene; total payments across various policies exceed $5.7 billion statewide.
Some homeowners expressed frustration over delays or denials during lengthy processes despite coverage expectations—particularly those affected by unexpected inland flooding around Lakeland’s Lake Bonny where many lacked necessary flood insurance protection against unforeseen events such as foundation cracking after prolonged submersion underwater like Misty Wells experienced firsthand while waiting months longer before proceeding further into repair efforts beyond initial assessments already undertaken thus far given current circumstances prevailing at present time overall within community impacted directly alongside others similarly situated nearby vicinity alike elsewhere too throughout region affected similarly yet differently altogether depending upon individual case specifics encountered therein accordingly nonetheless ultimately eventually resolved satisfactorily hopefully sooner rather than later ideally speaking optimistically albeit realistically acknowledging challenges 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