An early tally of claims in South Florida showed lower than expected losses, according to the Office of Insurance Regulation.
Losses fell short of industry fears as category 4 Hurricane Matthew whipped southeastern US last week. The state tally pegs claims made over the weekend at almost 5,000, amounting to $21 million in damages from 43 counties.
“As many displaced consumers return to their communities and homes to assess damage and initiate the claims process, these numbers will increase across the state,” the regulator said in a statement.
Among others, Security First Insurance, which has a lion’s share of the market in the northern and central parts of the state, said that it has received almost 6,000 claims so far, but that the final tally will hit anywhere between 16,000 to 20,000.
Although projections have been optimistic, insurers worry that shady contractors could contribute to higher losses by pressuring policyholders into signing over their benefits before making repairs on their homes.
Civic group Citizens and the Florida Property and Casualty Association reminded the general public in a statement that they should open their claims by getting in touch with their insurers or agents. “Unfortunately, unscrupulous contractors and repair companies thrive in the frenzied days following any storm. Policy holders must be wary of unlicensed contractors or deals that sound too good to be true,” a Citizens release emphasized.
