(Bloomberg) – Hermine, the first hurricane to strike Florida since 2005, probably caused less than $400 million in insured damage, according to risk-modeling company RMS.

As much as 70 percent of the expense will be tied to residential properties, and insurers will also pay claims related to business interruption and vehicle damage, RMS said in a statement Monday.

The total excludes costs borne by the federal government's National Flood Insurance Program.

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