Florida hurricanes can result in billions of dollars worth of property damage.
About 89.4% of home-insurance and business-related claims resulting from Hurricane Michael damage along the Florida panhandle have been closed, the Florida Office of Insurance Regulation reports (FOIR).
The October 2018 Category 5 hurricane has resulted in closed claims totaling 133,880, according to data that has been accumulated through Oct. 25, 2019. A total of 11,401 personal residence claims remain open, FOIR said.
On the positive side, the number of open claims dropped by 8% from September to October of last year, the insurance agency reported.
Insurance companies told FOIR that the main reasons for open claims were documentation delays among the parties; repairs not yet complete; disputes among professionals overpricing or rates; settlements awaiting adjustments by public adjusters or attorneys; and supplemental claims issues.
Estimated losses resulting from the hurricane exceed $7.4 billion, FOIR reports.
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Property Insurance Claims Related to Hurricane Michael
| Lines of Business | # of Claims Reported | Claims Closed With Payment | Claims Closed Without Payment | Number of Open Claims | Percent of Claims Closed |
| Residential Property | 99,554 | 74,363 | 13,790 | 11,401 | 88.5% |
| - Homeowners | 73,222 | 53,567 | 10,528 | 9,127 | 87.5% |
| - Dwelling | 15,993 | 11,950 | 2,444 | 1,599 | 90.0% |
| - Mobile Homeowners | 9,423 | 8,307 | 657 | 459 | 95.1% |
| - Commercial Residential | 916 | 539 | 161 | 216 | 76.4% |
| Commercial Property | 11,152 | 5,042 | 2,594 | 3,516 | 68.5% |
| Private Flood | 242 | 169 | 53 | 20 | 91.7% |
| Business Interruption | 872 | 351 | 250 | 271 | 68.9% |
| Other Lines of Business* | 37,953 | 32,975 | 4,293 | 685 | 98.2% |
| TOTALS | 149,773 | 112,900 | 20,980 | 15,893 | 89.4% |
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