Hurricane Irma claims filed in Florida already reach $2B

335,347 claims have been filed in Florida through Sunday

TRD MIAMI /
Sep.September 18, 2017 03:15 PM

Just one week after Hurricane Irma’s rampage through Florida, storm-related insurance claims filed already reach an estimated $2 billion in losses, according to Florida’s Office of Insurance Regulation.

A total of 335,347 claims have been filed through Sunday. That figure includes 243,473 claims from homeowners, as well as 19,283 from mobile homeowners.

Commercial property owners have filed 9,945 claims. Another 555 claims are related to private flood insurance and 451 claims are tied to business interruption, according to insurance regulators.

In the wake of Hurricane Irma, Gov. Rick Scott signed an emergency order that will give homeowners more time to update their insurance policies. The order provides homeowner’s insurance policy holders an additional 90 days to supply required information to their insurance companies and file claims.

Hurricane Irma may have caused up to $40 billion worth of insured industry losses in the United States, according to an estimate from catastrophe modeling firm AIR Worldwide.

Losses will likely range from $20 to $40 billion, and the firm estimated that exposure value in counties running along the Gulf Coast up to Tampa would reach $1 trillion.

AIR’s estimates for insurance losses include damages from wind and storm surges to automobiles, onshore industrial, commercial and residential properties, and factors such as an interruption of business for commercial properties and added living expenses for residential properties. The estimates do not include losses to uninsured properties, infrastructure, pleasure boats, or losses that would be paid out by the National Flood Insurance Program.

Some of the most impacted areas in Florida were in the Keys. About 25 percent of homes in the Florida Keys were destroyed after Hurricane Irma barreled through the islands, according to estimates by the Federal Emergency Management Agency.

Irma also caused about $40 billion of CMBS debt, $6.41 billion of which was in Miami, according to an analysis from Morningstar Credit Ratings.


Related Articles

arrow_forward_ios
Gables Town Colony apartment complex, Sue Ansel of Gables Residential

Gables Residential scores $85M loan for Boca Raton apartment complex

Gables Residential scores $85M loan for Boca Raton apartment complex
Broadstone City Center with Alliance Residential’s Bruce Ward and Nuveen CEO Jose Minaya

Nuveen pays $103M for West Palm luxury apartments

Nuveen pays $103M for West Palm luxury apartments
Edmund Ansin and the property (Credit: Google Maps)

Billionaire TV family sells Miramar property to Florida Crystals

Billionaire TV family sells Miramar property to Florida Crystals
Toscana apartments and Juan Porro of FCI Residential

Florida Crystals sells Margate rentals for $60M

Florida Crystals sells Margate rentals for $60M
2965 West Corporate Lakes Boulevard and Black Creek Group CEO Raj Dhanda (Credit: Google Maps, Blue Vault)

TIAA sells Weston warehouse for $33M

TIAA sells Weston warehouse for $33M
From left: Andrea and Renzo Rosso

Diesel family dishes on Wynwood condo project

Diesel family dishes on Wynwood condo project
 4601 Le Jeune Road, Jose Boschetti and Maurice Boschetti

Gables Residential sells dev site near Shops at Merrick Park

Gables Residential sells dev site near Shops at Merrick Park
Florida Keys hotels (Credit: iStock)

Hurricane Dorian delivers blow to Florida hotel occupancy, revenue: report

Hurricane Dorian delivers blow to Florida hotel occupancy, revenue: report
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...