Hurricane Milton Causes $2 Billion in Insured Losses in Florida

Hurricane Milton has led to more than $2 billion in insured losses, surpassing Hurricane Helene. Florida insurance regulators report over 230,000 claims, mostly residential, with 12.8% closed so far.

Hurricane Milton has caused over $2 billion in insured losses as of this week, according to the Florida Office of Insurance Regulation. This figure is nearly double the $1 billion in losses attributed to Hurricane Helene, and more than 230,000 claims have been filed in connection to Milton, most involving residential properties. Officials warn the total number of claims could increase as recovery efforts continue, with only 12.8% of claims closed to date.

Residents affected by the storm have up to one year to file claims, though insurance professionals advise filing as soon as possible to expedite recovery funding. One frequent question is whether insurance policies cover temporary housing if homes are rendered uninhabitable. According to Mark Friedlander of the Insurance Information Institute, most standard home, condo, or renters insurance policies include coverage for Additional Living Expenses (ALE), but flood policies under the National Flood Insurance Program (NFIP) do not.

As hurricane season continues through November 30, homeowners are urged to review their policies, especially regarding ALE and coverage gaps, to better prepare for future storms.