CRYSTAL BEACH, Fla. — Nov. 30 marked the end of the 2024 Atlantic Hurricane Season, a season that was historic for the Tampa Bay area. New state data from the Office of Insurance Regulation shows the cost of these storms: Hurricane Debby, Hurricane Helene, and Hurricane Milton.
"That December 1 date is a big deal for us," said Helene storm survivor Scot Morrison.
Morrison's ground-level floor flooded more than 4 feet during Hurricane Helene. Now, two months later, only the drywall is cut out. A humidifier is still running inside to dry out the saltwater that lingers, he said.
"Hardest thing I've ever dealt with," he said with tears in his eyes. "You don't realize how much you lost until you go look for it. It's been a rough year."
You also might not realize the cost of these storms until you see the data in black and white.
Here's the latest according to Florida's Office of Insurance Regulation Catastrophe Claims Data and Reporting:
Hurricane Debby:
21,831 Claims Filed
$130,996,395 Estimated Insured Losses
Hurricane Helene:
135,505 Claims Filed
$1,990,543,518 Estimated Insured Losses
Hurricane Milton:
302,581 Claims Filed
$3,242,810,515 Estimated Insured Losses
For comparison, after Hurricane Ian in 2022, 776,000 claims were filed, with estimated insured losses at $21.3 billion, driving up insurance rates again in 2022 and 2023.
So, will insurance rates rise after the 2024 hurricane season?
"The overall messaging at this point from the Florida property insurance market is the industry weathered the season very well," said Mark Friedlander, spokesperson for the Insurance Information Institute.
Friedlander said that despite the devastating storm season for many, the storms brought mostly water and flood damage, not as much wind damage as projected, especially in Hurricane Milton. However, there could be instances where rates rise, like if you file a claim.
"Typically, rates do adjust upward after a claim because your risk exposure is now increased," Friedlander said.
However, he said if you filed a flood claim, that will not impact your property insurance. However, he did say flood insurance rates could also rise.
"Indications we've seen from the private flood insurance market is that rates may be adjusted upward next year. Losses appear to be significant for private flood insurers, as well as the National Flood Insurance Program," Friedlander added.
Friedlander said it's also too soon to see how the reinsurance market will react to the 2024 season. Reinsurance is insurance for insurance companies.
"At this point, we can't make any predictions. Will rates be adjusted at all? It's premature to say that because typically, it takes nine to 12 months for insurers to assess the impacts of major loss events like hurricanes. So, we don't have enough hard data at this point. The trends are very positive," he added.
If you are seeing your rates rise or are still having trouble navigating insurance after this storm season, we'd love to hear your story. Submityour story to ABC Action News Anchor Nadeen Yanes here. You can also find insurance resources posted for you.
This week, an unlikely partnership between a sixth-grade student and a barbecue restaurant brought Thanksgiving dinner to hundreds of hurricane victims across Pasco County.
