Residential areas mostly felt the wrath of Fay, said Steve Smith, president of property solutions with ReAdvisory, a unit of Carvill America Inc.
The biggest impact Fay had late in the week was heavy rain that led to severe flooding, such as 32.7 inches of precipitation falling in Melbourne, Fla., according to the National Weather Service (NWS). The average August rainfall for Melbourne is 6.1 inches, and its annual average is 49.4 inches, according to the NWS.
"Fay has gone over mainly residential areas, and it could take quite some time before we know what the commercial losses will be," said Mr. Smith, who is based in Chicago. "Flood is one of those perils that is usually covered commercially, but it's difficult to tell what the losses will be. If this storm was sitting over Miami, we would have a different story."
Fay made its first landfall in southwest Florida near Naples on Aug. 19, bringing maximum sustained winds of 60 mph. Fay then meandered toward the East Coast and has since stalled and then slowly headed toward the Florida Panhandle.
The Florida Department of Insurance said most claims reported so far involved homes and cars, with central Florida hit the hardest. Allstate Floridian said it was seeing mostly wind and structure damage, interior water damage to property and auto claims.