There is no question that the climate in Florida is one of the most attractive in the United States. The hot, frequently humid weather is good for those with rheumatoid arthritis, as well as many other medical conditions. That, as well as the lower cost-of-living when compared to Hawaii or California, is one reason why Florida is such a popular destination for retired adults.
The impact of Hurricane Irma on Florida has become even clearer with the release of figures by the State Office of Insurance Regulation showing that more than a million insurance claims have been filed because of this storm. Estimated losses have already passed $11 billion, according to the state agency that tracks insurance losses and claims. While claims have slowed down since the storm hit in September of 2017, thousands of additional hurricane-related claims continue to be filed on a regular basis.
As the Office of Insurance Regulation continues to tally insurance claims arising from Hurricane Michael, Citizens Property Insurance Corp. announced that the storm will not negatively impact its finances. The bulk of personal policies written by Citizens apply to properties in South Florida, and damage from Michael was concentrated in the northwest region of the state.
Florida homeowners are facing significant losses from Hurricane Michael, a Category 4 storm that caused serious damage along the Florida Panhandle in October. The Florida Office of Insurance Regulation said that estimated insured losses from the hurricane are greater than $2.1 billion to date. The office also said that there were 110,183 insurance claims filed for hurricane damage and that 26.1 percent of the claims had been closed by the end of October. The state agency compiled these statistics based on reports from all insurers.
In 2018, homeowners insurance rates in Florida went up by as much as 15 percent. In the aftermath of hurricanes Florence and Micheal, rates are set to go up again by as much as 20 percent. This may be true whether a person lived in an area impacted by a hurricane or not. However, where a person lives will likely play a role in how much more they will pay for coverage.