Michael Presley Bobbitt of Cedar Key, Florida, spoke to Stuart Barney about his local experience and the federal government's response in his area after Hurricane Helens.
Another hurricane is hurtling towards Florida, putting residents and the state's already battered property and casualty insurance industry at risk.
hurricane milton It has reached Category 5 status and is expected to hit the Sunshine State on Wednesday. This would make it the second major storm to hit Florida in less than two weeks, as the Southeast continues to reel from the effects of deadly Hurricane Helen.
Warning issued for Hurricane Milton in Florida (FOX Weather/Fox News Weather)
For homeowners exhausted by years of soaring interest rates across the country, the threat of another storm could not have come at a worse time. But real estate broker Ryan Serhant, founder and CEO of SERHANT, recently told FOX Business that Florida is in the midst of a home insurance crisis.
Surprising statistics show how few Hellene victims in Appalachia had flood insurance
Florida residentThe nation's most hurricane-prone state paid an average of $10,996 in annual premiums for homeowners last year, but Insurify expects rates to rise 7% by the end of 2024, increasing the average We predict it will cost $11,759.
Employees at Roy's Restaurant search through the rubble of a demolished store after Hurricane Helen made landfall in Steinhatchee, Florida. (Willie J. Allen Jr./Orlando Sentinel/Tribune News Service via Getty Images/Getty Images)
But since the beginning of 2022, at least seven insurance companies in Florida have been declared bankrupt, leaving Florida homeowners in disarray as their coverage is cut off, even for those who can withstand higher premiums. There is.
As of this time last year, about 15% of Florida homeowners lacked property insurance, more than double the national average of 7%, according to the Insurance Information Institute.
California wildfires impose unprecedented insurance price increases on homeowners
The state has implemented a series of reforms in recent years to address the problem, including sweeping legislation aimed at cracking down on litigation abuses. However, in the meantime, annual non-life insurance premiums continue to rise.
As another storm hits Florida, Sarasota Mayor Liz Alpert speaks about the aftermath of Hurricane Helen.
Earlier this year, forecasting service Weatherbell Analytics predicted that 2024 would be a “hurricane season from hell,” with the devastation of Helen, which has claimed more than 230 American lives so far, far ahead. It was proven that there was light.
CLICK HERE TO GET FOX BUSINESS ON THE GO
Milton poses a further threat. At 175 mph, the storm was the strongest Atlantic hurricane in five years since Hurricane Dorian in 2019, and the fourth strongest since Milton began recording, according to FOX Weather.
FOX Business' Kristen Altus contributed to this report.
