Having hit Florida, Hurricane Michael has caused damages worth 10$ billion to $12 billion according to insurance analysts. That being said, there have been around 137,000 insurance claims filed so far, totaling $5 billion, $1.5 billion of which was for agricultural land. This is not to mention the human cost, which includes the death of 43 individuals and the evacuation of 375,000 others. As a result, the state of Florida has a long way to go in order to recover from this catastrophe.

Of the $1.5 billion loss that agricultural lands suffered, cattle farmers lost $43.31 million, peanuts farmers lost $23 million, and vegetable farmers lost $8.61 million. However, with a loss of $1.3 billion and the devastation of 350,000 acres of land, the timber industry has lost the most. What's more, the decimation of the timber industry has left the forests riddled with dead wood, making them more susceptible to spring wildfires. Ergo, timber operators believe that this debris must be removed as soon as possible so as to avoid any further catastrophes.

In comparison, Hurricane Michael's predecessor, Hurricane Irma, was a larger but less violent atmospheric turbulence, one that led to an excess of one million claims being filed, totaling $11 billion, and an overall estimated damage of $30 billion. As a result, the State of Florida has endured a total amount of damage equal to $40 billion over the past couple of years.

Fortunately, Floridians might have recourse to several options in order to help them in their efforts to rebuild what was lost, among which is the Florida Hurricane Catastrophe Fund, a state-run reinsurance program that aims to stabilize the residential property insurance market. Therefore, if anybody wishes to explore the available options that aid in them in processing homeowner's insurance claims, they may wish to seek the advice of an experienced legal professional.

Source: Watchdog, "Hurricane Michael tally at $5 billion in property damage, $1.5 billion in crop loss,"John Haughey, January 8th, 2019

No Comments

Leave a comment
Comment Information
Email Us For A Response