The start of hurricane season in Florida is already shaping up to be costly for insurance.
It all has to do with the flooding rains that hit areas of South Florida earlier this month.
That system wasn’t a named storm but it did dump a ton of water on South Florida. The insurance claims costs are expected to go into the hundreds of millions.
Global reinsurance firm Aon is making that prediction based on the number of homes, cars and other properties damaged from the flooding that took place starting on June 11.
Storm soaked the area with rainfall amounts of 12 inches in Broward, 9 inches in Miami-Dade and about 7 inches in Palm Beach counties.
Florida’s Office of Insurance Regulation is requiring insurance companies to file reports on claims from that storm starting next week.
Forecasters predict this will be a very active year for tropical storms and hurricanes.
Industry experts said if Florida gets hit by a storm that inflicts heavy damage, it could turn into bigger insurance rates next year for all of us.