Hurricane Ian: Damage will drive insurance rates even higher, cripple industry

[alwaysinasnit]

https://nordot.app/949031601073864704?c=592622757532812385

TALLAHASSEE, Fla. — With early predictions of $50 billion in damage from Hurricane Ian, experts worry whether the state’s struggling property insurance system will become another casualty of the storm and lead to even higher premiums.

If it fails, the cost will be passed on to all Florida homeowners,not just those who suffered damage, because of assessments levied on them to cover the losses.

“We’re relying on a strategy of hope, and that hasn’t played out,” State Sen. Jeff Brandes, a Republican from Pinellas County who has tried to push for strict insurance and litigation reforms to rein in the spiraling costs.

The governor and Legislature need to seek out solutions quickly if they want to save the industry, Brandes said, suggesting a special session after the election.

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(emphasis mine)

[Hugin]

1. I remember flying into FL post Andrew...

Seeing a debris pile that was for a time the highest point in the State.

[mitch96]

7. And all the blue tarps on the roofs.. Blue pools and Blue tarps. I'll never forget it..nt

[doc03]

2. Homeowners insurance will go up for all of us next year. The insurance companies won't lose

one f---g cent.

[lindysalsagal]

6. And drive up inflation. Long-range decisions aren't popular. Instant blame, is.

[SYFROYH]

3. I'm on the GA coast. $2500 homeowners insurance, $2300 flood insurance

[iemanja]

4. I pay $1700 in MN

No chance of my getting hit with a hurricane.

[SYFROYH]

5. I almost got a job in nearby Eau Claire.

I often wonder how different my life would have been.

I think I would have embraced lake life.

[doc03]

9. My homeowners nearly doubled in 2006 in Ohio. I called

the insurance company, they blamed hurricane Katrina in NO. I asked what the hell Katrina had to do with Ohio, they said building products doubled nationwide.

[haele]

10. Not looking forward to mobile home insurance next year.

$860 this year. The amount of mobile homes I saw ruined in Florida makes me think it will easily be around $1k next year, if not higher.
Since we own our 1320 sq ft. double wide free and clear, insuring it is critical in case it needs to be replaced. I can't afford lot rental and a new mobile home mortgage at the same time; an equivalent replacement would run a minimum of $150k, probably closer to $200k.

Haele

[mitch96]

8. Insurance cost are gonna kill the newcomers to Fla. Last I heard Florida has about 1000 new

residents a day moving to the state..
Well maybe not now but give it some time.. It always goes up.
Then again with the expected insurance hikes that might put a damper on that. YMMV
m