Claims from Hurricane Milton Continue to Rise in Florida — 221K and Counting

Almost two weeks after Hurricane Milton made landfall near Sarasota, Florida, as a Category 3 storm, claims and loss totals continue to rise. As of Oct. 21, the Florida Office of Insurance Regulation said carriers had reported more than 221,582 claims and an estimated insured loss total of more than $2.7 billion.

Those numbers are still well below those of the devastating Hurricane Ian, which crashed the Florida party near Fort Myers in 2022. Some 18 months after Ian made landfall, almost 777,000 claims had been reported, and insured losses topped $21.3 billion. About 68% of Ian claims had been closed with payment, OIR reported.

Related: CoreLogic: Insured Wind and Flood Losses from Milton $17B to $28B, Property Restoration Difficult

The Milton claims already were 10 times the number filed so far in Hurricane Idalia, which hit the less-populated Big Bend neck of Florida in 2023, and about twice as many as reported in Hurricane Helene, which raked the same area on Sept. 26 of this year.

Like those storms, many of Milton’s claims are expected to turn out to be the result of storm surge and flooding, losses that may not be covered by insurance. Carriers reported 142,106 claims from homeowners; more than 18,000 mobile home claims; 29,750 private passenger auto claims; 1,500 commercial residential claims; and almost 1,400 private flood insurance claims.

Related: HCI Group Expects to Pay $600M to $750M in Claims from Recent Hurricanes

Florida’s largest property insurer, the state-created safety valve, Citizens Property Insurance Corp., is likely to field the most claims from Milton. As of Oct. 21, Citizens reported 41,402 claims from the storm. Estimated dollar amounts on losses were not available, a Citizens official said.

The Citizens claims numbers were running more than half of the total for Hurricane Ian, which produced almost 72,000 claims for the insurer. Citizens saw 13,335 claims in Helene.

Related: Much of Milton’s Worst Damage Came From Wind, Not Water

Despite three hurricanes in one year, though, the impact from Milton “poses no risk of assessment” on policyholders, said Citizens spokesperson Michael Peltier. He was referring to the statutory backstop that allows Citizens to place a surcharge on most insurance policies, statewide, if catastrophes force the carrier to burn through its reserves and reinsurance layers.

Top photo: Resident Kerry Flynn, right, and a friend walk through their age 55+ mobile home community’s tiki hut after on Manasota Key, in Englewood, Florida, on Oct. 13, 2024. (AP Photo/Rebecca Blackwell, File).