Hurricane Irma Losses Estimated at 6 Billion
As many Southwest Florida residents and businesses move forward with life after Hurricane Irma and get ready for the influx of seasonal residents, the statistical magnitude of the post-Irma insurance claim situation is beginning to come into focus.
According to a news report this week, the loss estimates so far from Hurricane Irma are estimated to be in the range of $6 billion and it appears that the number of insurance claims will likely exceed a million claims when all is said and done (there have already been in excess of 850,000 claims). Although most of these claims (more than 80%) are residential claims, many of the larger claims are commercial claims involving commercial property and business interruption insurance claims.
Not surprisingly, the largest number of claims filed have emanated from three of the five largest counties in Florida- Miami-Dade, Broward, and Orange with a combined population of almost 6 million residents- but over 125,000 thousand claims have been filed by Lee and Collier county residents and businesses. This big number of Lee and Collier County claims helps numerically remind everybody of the concentration of damage in Southwest Florida resulting from Hurricane Irma.
It looks like to us that about half the claims are resulting in some payment from the insurance companies, not necessarily fair payment, and about a quarter of the claims are being completely denied by the insurer.
Vernon Litigation Group is based in Naples, Florida and understands the challenges facing residents and businesses contending with lost revenue and property damage and the need to be properly and timely compensated by insurance carriers. That is why you pay insurance premiums. A number of insurance companies are stepping up to do their jobs, but some are attempting to shirk their obligations due to limited willingness or limited ability to do the right thing. If your insurance carrier is delaying your claim or tries to underpay or deny a valid claim, Vernon Litigation Group can pursue your rights against the insurance company who is refusing to live up to its obligations under the policy.