Homeowners Insurance Issues Intensified by Hurricane Helene in Florida
Impact of Hurricane Helene on Florida Homeowners Insurance
As Hurricane Helene barrels through Florida, the storm's winds and flooding have left a trail of damaged homes, coupled with an estimated $6 billion in private insurance losses, according to global reinsurance broker Gallagher Re.
Homeowners are once again facing severe challenges in the property insurance market.
Soaring Insurance Costs
- Homeowners have shouldered a staggering 45% increase in insurance rates from 2017 to 2022, per the Florida Policy Project.
- The average annual premium for a Florida homeowner stands at $5,500, about 140% higher than the U.S. average of $2,285, as reported by Bankrate.
- Some residents report premiums skyrocketing to $20,000 annually, leading many to consider foregoing insurance altogether.
The Role of Climate Change
Extreme weather events are becoming more frequent due to climate change, influencing homeowners facing mounting risks. A June paper from experts at the University of Wisconsin and the University of Pennsylvania indicates that these pressures will likely cause even higher insurance costs in the future.
This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.