Capital buffers are often small, risks concentrated and the companies reliant on offloading risk to other insurers, whose prices may rise. Most homeowners' insurance is provided by small in-state firms after big insurers walked following Hurricane Andrew in 1992. The average home premium in the state is $4,231 annually, or about three times the American mean, according to the Insurance Information Institute.
government’s All-Transactions House Price Index for Florida has nearly tripled in the past decade, compared to America as a whole, which doubled.Īt the same time, insurance is becoming more expensive, and harder to get. Still even as residents live under the risk of stronger storms, coastal building and corresponding property values in the state have exploded. The threat of huge hurricanes has been rising, and it’s been only five years since Hurricane Irma caused about $18 billion of insured losses.
#Flood insurance florida software#
Insured losses from the storm could be $42 billion to $57 billion, according to insurance software firm Verisk, with total damage double that, based on past hurricanes like Katrina. Damage from wind and flooding isn’t going to get any better – and the state’s residents are running out of ways to get insurance. But there’s a separate crisis brewing that could come to a head in the next decade. Governor Ron DeSantis is piecing together recovery efforts while defending his response to the storm.
NEW YORK, Oct 4 (Reuters Breakingviews) - Hurricane Ian hit the Florida coast last week, leaving huge amounts of damage and a large death toll in its wake.
0 kommentar(er)
