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Florida insurers lower claims estimates, Isaac continues path up Gulf Coast

Posted On Wed, August 29, 2012

Florida insurer Citizens Property Insurance Corp. has lowered its initial claims estimate in the wake of Hurricane Isaac, stating that the storm was not as strong as they had initially believed it would be.

Citizens, the premier homeowners insurance provider in Florida, has now lowered its estimate from 50,000 claims to between 5,000 and 6,000.

On Monday, the insurers had received 767 claims, mostly from the Florida Keys, where the storm had passed over the weekend. The firm still has 3,400 claims adjusters ready to deploy to help homeowners across the state.

Since leaving Florida, Isaac has developed from a tropical storm into a Category 1 hurricane - not as strong as the expected Category 2, but still strong enough to have potential for serious damage.

In Louisiana, where the storm is expected to hit late Tuesday night, citizens are being urged to comply with voluntary evacuation orders. Although the levee system in New Orleans was repaired following Katrina - to the tune of $14 billion - and is expected to hold up against the onslaught of rain, citizens are still advised to leave their homes on the coast and seek higher ground.

For many residents, Katrina was the only spur necessary to purchase a flood insurance policy for their New Orleans homes, on top of a standard homeowners insurance policy. Although the insurance rates for flood coverage on the Gulf Coast are fairly high, the water damage during Katrina was so severe that most coastal residents won't risk a repeat.

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