Insured Losses From Hurricane Isaias Pegged at $1 Billion to $3 Billion

Early estimates put insured losses from Hurricane Isaias’ wind and storm surge at roughly $1 billion to $3 billion: Verisk’s initial estimate was at the lower end, while Cotality estimated $2 billion to $3 billion, concentrated mainly in Florida’s Panhandle and southern Alabama. Wind damage is expected to account for most covered losses, with flooding presenting a separate coverage issue; standard homeowners policies generally cover wind damage, while flood damage typically requires a separate policy. Insurers are mobilizing to process claims, and residents are urged to document damage, make safe temporary repairs, keep receipts and be cautious about unsolicited contractor offers.