Driving along the Tampa Bay area coast, the devastation from last year’s hurricanes is unmistakable, with billions of dollars in damages.

To better grasp the full extent of this impact, new data reveals over 329,000 residential property insurance claims statewide since the storms hit.

However, the Florida Office of Insurance Regulation (FLOIR) reports that less than half of these claims have been settled.

A report from Realtor.com shows that 42% of the claims have been paid, while over 40% were denied, indicating the policies either did not cover the damage or it was below the deductible.

Regarding the remaining claims, state regulators note that 7% are still under evaluation.

In total, FOIR states that residential property insurance policies have paid out $2.4 billion in claims for Milton and $500 million for Helene.

Excluding federal flood insurance, the total payments for the two hurricanes in Florida in 2024, including commercial and auto policies, have surpassed $5.7 billion.

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(Image credit: AP Photo/Rebecca Blackwell)

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