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St. Pete Beach staff: insurers estimate $3.3M so far for storm repairs; total approved work ~ $5M
Summary
Public services staff briefed the commission on insurance valuations for damage from Hurricanes Helene and Milton and flood claims, outlining a gap between contractor estimates and insurer valuations the city is negotiating.
City staff told the St. Pete Beach City Commission Tuesday that insurance carriers have identified roughly $3.3 million in recoverable valuations for storm-related damage so far while the city’s contractor has prepared about $5.0 million of approved repair work.
Public Services Director Camden Mills said the city’s Public Risk Management (PRM) valuation lists about $3.1 million for Hurricane Helene and about $300,000 for Hurricane Milton after deductibles. Separately, flood-insurance payouts processed by World Risk Management total “just over $1.1 million” for content damage, he said.
Mills said the $5.0 million figure reflects construction work approved to date (building, roofs, elevators, HVAC and related items) and that insurance has already provided different accounting for replacement cost value versus actual cash value; recoverable depreciation would be reimbursed after repairs and invoicing. He said elevators (about $600,000) and HVAC (about $100,000) are reimbursable on an invoice basis and are not included in some insurer estimates until invoiced.
Why it matters: The gap between contractor estimates and insurer valuations — driven largely by roof, HVAC and elevator work — is the city’s immediate negotiation point. Staff said insurers’ engineers are onsite working with the contractor to reconcile pricing differences.
Details from the briefing: Mills identified the principal differences as roof replacement pricing and items insurers treat differently (invoices vs. replacement-value estimates). The city has an existing CIP allocation of $450,000 for the Public Services Building; that and other carryover funds are being combined with insurance recoveries to fund repairs.
Questions from commissioners focused on the rec center timeline and whether storm repairs are replacing work the city had planned anyway. Mills said contractor Cotton has contracts executed and material orders placed; materials are expected in two to four weeks, after which a firm contractor schedule will be produced.
Staff direction and next steps: Staff will continue negotiating valuations with insurers, prioritize mitigation measures where the city is “building back better,” and provide contractor schedules to the public when available.
Ending: Commissioners asked staff for regular updates; staff emphasized valuations remain ongoing and final reimbursements will depend on completed invoiced repairs.
