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Hurricane Michael’s Insured Losses Estimated at $250 Million in Georgia

GEORGIA- The InsuranceJournal.com reports that the Georgia Department of Insurance found that the expected injured loss total for damage caused by Hurricane Michael in Georgia is $250 million. The department is anticipating 35,000 property damage claims. * The total costs are likely to rise as additional claims are filed. Albany, Bainbridge, Donalsonville, and Leesburg are […]

Hurricane Michael’s Insured LossesGEORGIA- The InsuranceJournal.com reports that the Georgia Department of Insurance found that the expected injured loss total for damage caused by Hurricane Michael in Georgia is $250 million. The department is anticipating 35,000 property damage claims. *

The total costs are likely to rise as additional claims are filed. Albany, Bainbridge, Donalsonville, and Leesburg are considered to be the most severely impacted parts of the state.

Hurricane Michael hit Florida’s Panhandle as a Category 4 storm, and then it moved through Georgia, South Carolina, and North Carolina causing further destruction.

By the time Hurricane Michael reached Georgia, it had been downgraded to a Category 3 storm, and it slowed to a tropical storm by the time it made it to the Carolinas. Still, the intense rain and the high winds knocked down trees and caused power outages.

Hundreds of thousands of people were left without power for days after the storm.

The agriculture industry also suffered damage from the storm. Farmers are raising chickens, growing cotton and pecans all suffered severe hits. Gary Black, the Georgia Commissioner of Agriculture, stated that the storm’s consequences would be felt for generations.

The winds, which peaked at 155 miles per hour, caused damage to businesses and construction sites throughout Bay County, Florida.

According to Deloitte’s Global Insurance Regulatory leader, Howard Mills, the insurance companies have the ability to cover the costs of the storm’s damage. State Farm insures more people in Georgia than any other company. So far, they have received 9,580 claims from homeowners, and 1,400 claims from automobile owners in relation to damage caused by Hurricane Michael. The total cost of the claims already paid out in six impacted states is over $30 million.

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