Hurricane Irma is Costing Insurance Companies Billions of Dollars

The damage Hurricane Irma caused to Florida when it barreled through was one of the worst Floridians experienced in some time. The problems this hurricane left in its wake wouldn’t have been expected by anyone, not to mention the insurmountable damage. Hundreds of thousands of policyholders filed claims with their insurance companies for the damage that they incurred. The number of new claims have slowed down but another 18,470 claims for $755 million was submitted in just the past two months. Already, insurance damage claims in Florida have surpassed 10 billion dollars, the worst it’s ever been in years.

Citizens Property Insurance Corp, the state-run insurer of last resort, expects to pay about $1.2 billion in losses from Hurricane Irma. The Florida Hurricane Catastrophe Fund, the state-funded insurer, has already paid out around $2 billion but still remains in a strong financial position with $16.3 billion in their company. Hurricane Irma’s wrath caused over $23 billion in damages, which is the sixth highest loss in U.S. history. This does not take into account the number of claims that have been denied by insurance companies.

Four out of ten property insurance claims were denied by insurers for a number of reasons. A couple of reasons insurance companies have given for denying claims include the type of damage is not covered in the policy or the cost to repair the damage is less than their deductible. Often times many policyholders don’t fully understand their insurance coverages, which is where hiring a Public Adjuster could be instrumental. Policyholders who find themselves in these situations would benefit by having a public adjuster review, represent and advocate for them. Public Adjusters advocate for policyholders by evaluating losses to determine viability of claims, reviewing insurance policies to ensure coverage and work towards resolving claims satisfactorily and fairly with insurance carriers.

If you, or someone you know, thinks a claim wrongfully denied or underpaid – contact GIR Property Claims for a free consultation, 1-877-278-5566. We service the entire state of Florida from our offices in both Miami and Orlando.