Thousands of Florida homeowners whose properties were damaged by Hurricanes Helene and Milton last year didn’t receive a penny from their insurers, a new study by Weiss Ratings, an independent national insurance rating agency based in Palm Beach Gardens, suggests.

According to the company’s findings, 14 property insurers in the Sunshine State closed more than 50 percent of the claims filed by homeowners last year without payment; nine others closed between 40 and 50 percent of claims with no payment.

Why It Matters

The Florida property insurance market has now finally begun to stabilize after years of turmoil, as a combination of excessive litigation, widespread fraud, and the rising threat of natural disasters led to several insurers going bust, exiting the market, or significantly cutting coverage across the state.

While lawmakers have introduced sweeping tort reform that seems to have successfully curbed unnecessary litigation and fraud, the state’s homeowners remain vulnerable to hurricanes and flooding made more frequent and severe by climate change.

Last year, Hurricanes Helene and Milton caused more than $100 billion in combined damages, according to the National Centers for Environmental Information (NCEI), and Floridians filed nearly 458,000 hurricane-related claims.

What To Know

These property insurers had the highest number of claims closed without payment last year, according to Weiss Ratings:

• People’s Trust Insurance: 75.4 percent
• Kin Interinsurance Network: 68.3 percent
• American Integrity: 64.6 percent
• Olympus Insurance: 61.9 percent
• State Farm: 59.2 percent
• Castle Key Indemnity: 57.2 percent
• Security First Insurance: 56.6 percent
• Castle Key Insurance: 55.1 percent
• ASI Preferred Insurance: 53.3 percent
• Florida Peninsula Insurance: 52.8 percent
• First Protective Insurance: 51.9 percent
• Loggerhead Interinsurance: 51.4 percent
• Safepoint Insurance: 51.2 percent
• Slide Insurance: 50.3 percent

All these companies closed a higher percentage of claims with no payment than they did in 2023.

Weiss Ratings’ report does not provide information about why these claims were closed in such a way. Typically, an insurer can close a claim with no payment if a homeowner’s policy does not cover the damage claimed, if there are duplicate claims, of it the policyholder decides to withdraw the claim.

Newsweek contacted People’s Trust Insurance, Kin, American Integrity, Olympus, and State Farm for comment by email on Thursday morning, outside of standard working hours.

What People Are Saying

Weiss Ratings founder Dr. Martin D. Weiss said in a statement: “Last year, when we reported that six Florida companies closed 40 percent-50 percent of homeowner claims with no payment in 2023, it was alarming. But in 2024, it was far worse. Now, there are nine companies in that range plus many more closing a far higher percentage of claims with no payment.”

He added: “After paying far higher premiums and suffering widespread storm damage, this is like a punch in the gut for Florida homeowners. So, we’re pleased to see that the Florida Office of Insurance Regulation and the state legislature are finally seeking to grapple with the mounting crisis. But micromanaging insurance company operations can be a Herculean task.

“A more comprehensive solution will be to require insurers to disclose key facts to consumers at the point of sale: Before I buy or renew a policy, I absolutely need to know what the chances are that I could get stiffed when I file a claim and how strong or weak the company is.”

What’s Next

While the vertiginous climb of homeowner insurance premiums in Florida has slowed down significantly over the past year, the state remains the most expensive in the country.

According to Insurify’s data, the average annual cost of homeowner insurance was $14,140 in 2024. The company expects it to rise to $15,460 by the end of the year, up 9 percent from 2024.