What the Florida Industry Needs to Know for the 2018 Hurricane Season! Watch out Fort Lauderdale and S. Florida!!
Posted by homeinsuranceguru under Auto Insurance, Barry Gilway, Citizens Insurance, Customer service, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Home Owners Insurance, Hurricane Updates, Legislators, OIR, Public Ajustors, Tallahassee | Tags: Auto Insurance, Car Insurance, Citizens, FEMA, Flood Insurance, Florida, Fort Lauderdale, Governor Rick Scott, Home, Homeowners, Hurricane, Insurance, policy, Private Flood Insurance, Public Adjustors, Water Damage Claims and AOB |
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The 2018 hurricane season is officially underway, even as the dust continues to settle on the 2017 hurricane season — one of the costliest hurricane years on record — that brought devastation to Florida from Hurricane Irma.
Meanwhile, the Gulf Coast has already received a stark reminder to be prepared from a Memorial Day storm — Tropical Storm Alberto. The cost was at 50 Million per estimates so far!
Irma first hit the Florida Keys as a category 4 storm on Sunday, Sept. 10, with 130-mile per hour winds. It then worked its way north passing over the east and west coasts. Loss estimates from Hurricane Irma ranged between $25 billion to $65 billion by catastrophe modelers.
According to the Florida Office of Insurance Regulation, 90 percent of the 770,658 reported residential property claims had been closed as of April 6, 2018. Total estimated insured losses as of April 12 had reached $8.6 billion. The Florida Hurricane Catastrophe Fund is expected to pay out $2 billion in claims associated with Irma.
Citizens, the state-run insurer of last resort, said in March it had reopened about 37 percent of Hurricane Irma claims as part of ongoing efforts to assist policyholders affected by the storm. As of March 28, more than 24,500 of 66,400 Irma claims, about 37 percent, were reopened for supplemental payment and to allow policyholders or their representatives to provide additional information.
Overall, Citizens has closed nearly 90 percent of its Hurricane Irma-related claims. Open claims include extensively damaged properties, disputes and those waiting for a contractor to provide a repair estimate.
The National Hurricane Center updated the death toll from Irma in April to 44 fatalities directly caused by strong winds and heavy rains, plus 85 fatalities indirectly linked to the storm.
Still, Irma could have been worse, a fact the Florida insurance industry is aware and mindful of as it heads into the 2018 season
Mother Nature wasted no time starting off the 2018 hurricane season, kicking the Atlantic — and more specifically the Gulf Coast — into high gear several days ahead of the official June 1 start date.
Tropical Storm Alberto hit the Florida Panhandle on May 28, bringing winds, rains, and even the possibility of tornadoes. The National Hurricane Center in Miami said winds from the tropical storm reached up to 65 miles per hour.
There is undoubtedly more to come as the season progresses. The National Oceanic and Atmospheric (NOAA) released its forecast for the 2018 Atlantic hurricane season in May, estimating a total of 10 to 16 named storms, of which five to nine could become hurricanes and one to four expected to become major hurricanes with winds of 111 miles per hour or more. It noted a 75 percent chance that this year will be a near or above normal hurricane season.
Auto Insurance, Barry Gilway, Citizens Insurance, Customer service, FEMA, Flood Insurance, Florida, Fort Lauderdale, Fraud, Home Owners Insurance, Hurricane Updates, Legislators, OIR, Public Ajustors, Tallahassee
Tags: Auto Insurance, Car Insurance, Citizens, FEMA, Flood Insurance, Florida, Fort Lauderdale, Governor Rick Scott, Home, Homeowners, Hurricane, Insurance, policy, Private Flood Insurance, Public Adjustors, Water Damage Claims and AOB