Matthew Damage In Florida Up To $729 Million

TALLAHASSEE (CBSMiami/NSF) - Damage estimates in Florida from early October's Hurricane Matthew have grown to $729 million.

Insurance Commissioner David Altmaier told Gov. Rick Scott and the Florida Cabinet on Tuesday that no private insurers are expected to struggle in paying claims.

"Our office, as well each company, has put in a significant amount of preparation, year in and year out, to make sure that when these events happen, that they're prepared to respond on behalf of their consumers," Altmaier said after the Cabinet meeting. "So, we feel good about how that's going so far."

The update offered the first numbers for the state since October 28th, when the estimated damage from the storm, which threatened the coast but did not make landfall, stood at $606 million.

The number of claims filed has also grown from just over 100,000 to 112,000 with the update. Just over 75 percent of the claims have been closed, with 48,648 property owners so far receiving some payment.

Altmaier said the insurance industry would have withstood the storm even if its eye had traveled about 25 miles to the west, going directly over Jacksonville and more of the East Coast. Agriculture Commissioner Adam Putnam noted that a more westward path would have raised the damage estimates "a couple of extra commas."

The News Service of Florida contributed to this report.