NFIP paid nearly $4B in federal allotments following Hurricane Ian

The National Flood Insurance Program (NFIP) announced that it has paid more than $3.9 billion to over 48,000 policyholders in the wake of Hurricane Ian last year.

“Flooding is the most common and most reoccurring natural disaster,” NFlP Senior Executive and Federal Insurance Directorate Assistant Administrator David Maurstad said. “Yet, damage caused by flooding is rarely covered by most homeowners’ and renters’ insurance. Flood insurance remains the best defense against this threat, enabling policyholders to protect their property and more quickly jumpstart their road to recovery.”

The funding allocation includes over $3.4 billion to repair or rebuild the property and $445 million to replace damaged contents, with an average payment of over $104,000.

As of May 2, 95 percent of the nearly 48,000 claims in Florida, North Carolina, and South Carolina have been closed.

Through the Federal Emergency Management Agency (FEMA), the NFIP began to issue advance payments within a week of Hurricane Ian’s Sept. 28 landfall in Florida to help policyholders jumpstart their recovery, per authorities, adding policyholders impacted by Hurricane Ian were able to receive between $5,000 and $20,000 before an inspection by an adjuster.

Additionally, FEMA provided on-the-ground support to assist the Florida State Department of Insurance sponsored insurance villages in impacted areas within the state to help policyholders with their claims, NFIP representatives attended those events to work with policyholders on outstanding claims.