Damaged beach houses stand surrounded by debris after Hurricane Michael hit in Mexico Beach on Oct. 11, 2018. Photographer: Zack Wittman/Bloomberg Damaged beach houses stand surrounded by debris after Hurricane Michael hit in Mexico Beach on Oct. 11, 2018. (Photo: Zack Wittman/Bloomberg)

Florida's disjointed property insurance system that relies almost exclusively on small and midsize companies will take a multibillion-dollar loss from Hurricane Michael, but has sufficient reserves and backups that providers should be able to pay claims without problems, analysts say.

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Smaller insurers & state-created Citizens Property

Major national players such as State Farm, Allstate and Liberty Mutual write few if any homeowners policies in Florida because of the high risk of hurricane losses, leaving the market to smaller companies and the state-created insurer of last resort, Citizens Property.

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