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☆ Florida condo owners are stuck in a 'train wreck' as prices drop and mounting insurance rates scare away buyers
▼ + stars: | 2024-03-10 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

Read previewThe Florida condo market is caught in a storm. By contrast, median condo prices nationally rose 8% over the same period, to around $340,000. A deepening insurance crisis for Florida homeownersThe rising cost of insurance has been a long-simmering problem in Florida. Recently, he walked away from buying a $300,000 condo in North Palm Beach that would have come with a $4,500 annual insurance bill. On his own single-family home in Palm Beach Gardens, Forina added, his annual insurance premium, which was $2,600 in 2017, jumped to $8,200 in 2024.

Persons: —, It's, Joe Humphfner, rusk, Florida homeownership, Holly Meyer Lucas, Meyer Lucas, Anthony Forina, Forina, Humphfner Organizations: Service, Business, Sunshine State, Farmers Insurance, Bankers Insurance, Homeowners, Wall Street Journal, Condo, Humphfner Locations: Florida, Jupiter, West Palm, Jacksonville, Miami, Coral, Florida's, South Florida, North Palm, Palm Beach

☆ A flood insurance quirk makes basements a bad place to keep your stuff
▼ + stars: | 2024-02-20 | by ( Greg Iacurci | ) www.cnbc.com time to read: +7 min

The problem is: If your basement floods, your flood insurance policy likely won't cover damages to most — if any — of your belongings. What is flood insurance? To that point, 99% of U.S. counties have experienced a flood since 1998 — and more than 40% of flood insurance claims are from outside high-risk flood areas, according to FEMA. Most people who have flood insurance get it through the federal government, via FEMA's National Flood Insurance Program, experts said. Consumers concerned about flood risk and insurance coverage should consider not putting their stuff in a basement, if possible, Kochenburger said.

Persons: Johnson, Jessica Rinaldi, Peter Kochenburger, Eric Thayer, Kochenburger, NFIP, Don Griffin, it'd, Griffin, Policyholders Organizations: Boston Globe, Getty, Southern University Law Center, Insurance, FEMA, Federal Emergency Management Agency, Flood Insurance, Bloomberg, Consumers, American, Casualty Insurance Association, Census, Southern University Law Locations: Vermont, United States, U.S, Whittier , California, freezers

☆ A boomer moved back to Virginia after living in Florida for a decade. She said she would 'never own another home' in the Sunshine State and loves the slower pace of life.
▼ + stars: | 2024-02-19 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +8 min

Nancy, a 68-year-old retiree, moved back to Virginia from Florida due to escalating costs and the heat. “There’s so much you don’t know about living in Florida and owning a home in Florida until you’re actually living it,” Nancy said. The Census Bureau’s 2022 American Community Survey found that between 2021 and 2022, nearly 23,800 people moved from Florida to Virginia, while almost 33,000 moved from Virginia to Florida. AdvertisementNancy moved with her husband to Cape Coral 11 years ago after four of her five kids moved there. They settled on Cape Coral for the beach access and warm weather, and for the first few years, they made the most of their time there.

Persons: Nancy, —, aren’t, Virginia —, “, you’re, ” Nancy, “ I’m, isn't, ”, Hurricane Ian, Virginia Nancy, it’s Organizations: Service, Sunshine State, Virginia Tech, Bureau, Survey, Florida —, Cape Coral, Coral, Insurance Information Institute, Hurricane, Radford University Locations: Virginia, Florida, Nancy, Cape Coral, Georgia, Texas, Northern Virginia, Fairfax County, Cape, New Hampshire, Virginia Tech, Coral

☆ Over 18 million rental units are exposed to climate hazards as extreme weather becomes more common, Harvard study finds
▼ + stars: | 2024-02-07 | by ( Ana Teresa Solá | ) www.cnbc.com time to read: +5 min

D3sign | Stone | Getty ImagesExtreme weather and climate hazards are becoming more frequent, posing a unique threat not only for homeowners, but for renters. Over 18 million rental units across the U.S. are exposed to climate and weather-related hazards, according to the latest American Rental Housing Report from Harvard University's Joint Center for Housing Studies. While they're a smaller share of the rental stock, 52% of manufactured units are located in areas with extreme weather exposure. "It's sort of a compounding risk when we see these increases in climate hazards and start impacting people who can't afford to move away from the risk." Check what type of disasters are included in your renters insurance policy.

Persons: Sophia Wedeen, Jeremy Porter, Wedeen, Porter Organizations: Harvard University's, for Housing Studies, Harvard, FEMA, Survey, Joint Center for Housing Studies, Finance, NOAA National Centers for Environmental, First Street Foundation Locations: U.S, New York

Nearly half of all flash flood deaths are vehicle-related, experts say, which is why you should never drive into a flooded street. Here’s what to do in advance — and in the moment — to get through a flash flood safely. A “flash flood warning” means a flash flood is imminent or already occurring, and you should immediately move to higher ground if you’re outside or in a basement apartment. The most dire alert is a “flash flood emergency,” which indicates that not only is flooding occurring, but it’s posing a severe threat to human life. “People need to realize that most people who lose their footing in a flash flood don’t get out,” she said.

Persons: there’s, ”, Bonnie Schneider, Schneider, it’s, Hurricane Ida, You’ll, Ready.gov, David Markenson, ‘ It’s, Sabine Marx, I’m, Julie Munger, Munger, “, Dr, Markenson, you’re, don’t, they’re, Ms, Lynn Burttschell, Burttschell, Eugene Resnick, ’, ” Susan Shain Organizations: National Weather Service, Federal Emergency Management Agency, Cross Training Services, Columbia University’s National Center for Disaster Preparedness, Sierra Rescue, FEMA, Wimberley, Metropolitan Transportation Authority, New York Times Locations: United States, New York City, New York, Madison, Wis

☆ The vast majority of California flood victims’ losses won’t be covered by insurance
▼ + stars: | 2024-02-05 | by ( Chris Isidore | ) edition.cnn.com time to read: +3 min

Story highlights Less than 1% of homes in the affected area have flood insurance LA has over 10 million residents but fewer than 15,000 flood insurance policies Federal flood insurance covers $250,000 worth of damageThe typical homeowners’ policy won’t cover loss from flood damage. That is covered by the National Flood Insurance Program, a part of the Federal Emergency Management Agency. Even some of those with flood insurance could find their policies won’t cover all of their losses. Homeowners can buy excess flood insurance coverage to match the limits of coverage on their homeowners policies, but many do not bother to do so. The NFIP estimates that more than 40% of NFIP flood insurance claims come from outside the high-risk flood zones.

Persons: Lee Organizations: New, New York CNN, National Flood Insurance, Federal Emergency Management Agency, Southern, Bureau, Fort Myers, Homeowners Locations: New York, California, Florida, Southern California, Angeles County, Lee County , Florida, Fort, United States

The rare torrent of rain that slammed the San Diego area on Monday forced numerous residents to navigate life-threatening scenes that they had trouble believing even as they recounted them. “What happened yesterday was extraordinary,” said Todd Gloria, the mayor of San Diego. On Tuesday, officials assessed the devastation in a region where very few residents have flood insurance. The record pace of the rainfall — a deluge of nearly three inches in three hours — had quickly overwhelmed drainage systems. According to the National Weather Service, it was the fourth greatest total for any day in recorded San Diego history, going back to 1850.

Persons: ”, Todd Gloria, — Organizations: National Weather Service Locations: San Diego, Diego

☆ Chubb's Ana Robic on 2024: I want to educate customers about the insurance they don't realize they need
▼ + stars: | 2023-12-28 | by ( Josée Rose | ) www.businessinsider.com time to read: +7 min

What was supposed to be a way to get through the summer doing "the lame insurance thing" turned into a career, she said. "People's expectations of this industry are generally quite wrong," Robic told Business Insider. What makes insurance unique, Robic said, is that "the thing you're promising people doesn't change." What's one thing you're excited about for 2024? And it sounds silly, because it's insurance, and I think you're inundated with images on TV as to what insurance is.

Persons: Ana Robic, Chubb, She's, —, Robic, It's, I'm, we've, you've, We're, There's, We've, we're, Ana Robic's Organizations: Service, Chubb, Business Locations: Business, Canada, North America, New Jersey, Dallas

☆ The hidden expense that's sucking $74 billion out of the economy
▼ + stars: | 2023-11-30 | by ( Bartie Scott | ) www.businessinsider.com time to read: +14 min

They said rising costs kept the board from expanding amenities residents wanted, such as a shared composting system. jhorrocks/Getty ImagesRising price for peace of mindIn the constellation of household costs, insurance is often one of the lesser-noticed line items. But recently the rising cost of repairs and the frequency of damaging weather events have made the deal go sour. Rising insurance costs could inflict more pain on another bruised area of the economy: housing affordability. For this reason, insurance companies could decline to cover them or require costly upgrades before agreeing to a policy.

Persons: that'd, Mark Pauly, Tim Quinlan, you'll, Quinlan, it's, Francesco D'Acunto, D'Acunto, Pauly, they've, Nature, John Coletti, That's, Bartie Scott Organizations: Insurance, Research, Bank of America, Global, American, Casualty Insurance Association, University of Pennsylvania's Wharton School of Business, Insurance Information Institute, Georgetown University's McDonough School of Business, Social Security, National Flood Insurance, Business Insider's Locations: Logan, Chicago, Florida, Wells Fargo, California

Climate Change Conference (COP 28) that opens on Nov. 30 in Dubai. Neither floods nor fires are new to Greece but with climate change, they are becoming a frequent disruptor to an economy dependent on tourism and farming. "We have to change our prediction methods," Skylakakis said, acknowledging the rapid pace of climate change. Mitsotakis has urged the EU to top up its solidarity fund and help countries tackle the impact of climate change. Adaptation measures worth 67 billion euros could reduce that loss to 510 billion euros, the country's leading economic think tank IOBE said in a February report.

Persons: Louisa Gouliamaki, Dimitris Kouretas, Kouretas, Theodore Skylakakis, Storm Daniel, Kostas Agorastos, Giorgos Stasinos, Kyriakos Mitsotakis, Sokratis Famellos, Skylakakis, Thanos Giannakakis, Nikos Papathanasis, Miltiadis Gkouzouris, Mitsotakis, Petros Varelidis, Lefteris Papadimas, Renee Maltezou, Michele Kambas, Daniel Flynn Organizations: Reuters, United Nations Environment Program, Mount Olympus, HVA, Chamber, European, Justice, EU, Water Management, Environment Ministry, Thomson Locations: Vlohos, Greece, Greece's, Thessaly, Europe, Dubai, Los Angeles, Dutch, Athens, Thessaly's, Mouzaki, Netherlands

‘A Beautiful Place That Has a Dragon’: Where Hurricane Risk Meets Booming GrowthThe hurricanes keep coming, and the people, too: The fastest-growing places along the Atlantic coast this century are also among the most hurricane-prone. And rising sea levels make storm surges more damaging and coastal flooding more frequent. And this booming coastal population is, by many accounts, a larger contributor to rising hurricane risks than climate change. When Gail Hart moved from Arizona to retire in Wilmington, N.C., in 2017, she hadn’t considered the hurricane risk. Still said, “where do you put 100,000 people?”The housing crunch is one of many tensions playing out between wealthy coastal communities and those who live nearby.

Persons: Matthew, Dorian, Isaias, Ian, “, ”, Kathie Dello, Gail Hart, hadn’t, ” Gail Hart, Del Webb, Hurricane Florence, Hart, “ There’s, Steven Still, Amanda Martin, North, Mr, Still, Jenny Brennan, David McIntire, McIntire, O’Leary, Ms, Water, O’Leary’s, Kevin Mishoe, Mishoe, Gina, Karen Willis Amspacher, Amspacher, “ It’s, It’s, she’s, Sharon Valentine, Hurricane Fran, Wilmington’s Del, Valentine, Leonard Bull Organizations: Hurricanes, Hurricane, First Street Foundation, Atlantic, National Flood Insurance, Southern Environmental Law Center, States, Brunswick, Myrtle, Association, Hurricane Florence, Down Locations: United States, Myrtle Beach, S.C, Wilmington, N.C, Carolinas, Florence, Carolina, Gulf, Louisiana, Florida, North Carolina’s, Kure Beach, Horry County, Brunswick County, Arizona, Tula, New Hanover County, U.S, It’s, North Carolina, Conway, Horry, Hurricane, Hurricane Florence, Bucksport, Carteret County, —, Banks, Stacy, Harkers, Fayetteville, Wilmington’s, Wilmington’s Del Webb

☆ Climate change is driving insurance rates up, forcing developers to add weather-proofing
▼ + stars: | 2023-10-31 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

Along East Boston's waterfront sits The Eddy, a two-building property with over 250 luxury apartments. When developers imagined The Eddy in 2014, they kept that weather exposure in mind. According to the Urban Land Institute, or ULI, the developers built The Eddy nine inches higher than the original property that was previously located on the site. The developers also constructed The Eddy with walls that can withstand up to 100 miles per hour of wind. It found that implementing mitigation measures according to modern building codes could save 600 lives and prevent 1 million nonfatal injuries.

Persons: Eddy, ULI, Lindsay Brugger Organizations: Urban Land Institute, Global, National Institute of Building Sciences Locations: Lahaina, Maui, Lahaina , Hawaii, Boston

☆ The House is finally back — and it has 3 weeks to prevent a government shutdown and protect some Americans from losing paychecks, food benefits, and housing loans
▼ + stars: | 2023-10-26 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

After three weeks, the House elected Rep. Mike Johnson to serve as Speaker of the House. Johnson proposed another short-term funding measure to ensure Americans don't lose federal benefits. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementIt took three weeks for congressional Republicans to agree on a new speaker of the House. Johnson on Monday detailed how he plans to structure the House's calendar over the next year, with funding legislation near the top of the agenda.

Persons: Mike Johnson, Johnson, —, Kevin McCarthy, Joe Biden, McCarthy, Tom Vilsack, Biden Organizations: House, Service, GOP Rep, Conference, Federal Aviation Administration, National Flood Insurance, Social, Women Locations: Ukraine, Israel

☆ 2 GOP members of Congress said they received death threats after voting against Jim Jordan as speaker
▼ + stars: | 2023-10-19 | by ( Madison Hall | ) www.businessinsider.com time to read: +3 min

Reps. Mariannette Miller-Meeks and Nick LaLota voted against Jim Jordan for speaker on Wednesday. AdvertisementAdvertisementTwo Republican representatives said they've received death threats since they voted against fellow GOP Rep. Jim Jordan for speaker of the House. "My vote card belongs to me and the people of NY's First Congressional District," LaLota wrote. In response to the series of threats and vitriol spewed at Miller-Meeks, LaLota, and Bacon in recent days, Jordan wrote online that he condemns "all threats against our colleagues." That first occurred on Tuesday, when 18 Republicans voted for candidates other than Jordan and sunk his first speaker bid.

Persons: Mariannette Miller, Meeks, Nick LaLota, Jim Jordan, Don Bacon, —, they've, Jordan's, Lee Zeldin, LaLota, Miller, Angie, Jordan, Bacon Organizations: Service, GOP, New York Rep, Congressional, WTC Health Fund, Flood Insurance, Politico, Republican Rep, Miller, Washington Post Locations: Jordan

Just hours before the government was set to shut down, lawmakers reached a funding deal. AdvertisementAdvertisementLawmakers in Congress miraculously managed to avoid a government shutdown, just three hours before the 12:01 a.m. deadline. AdvertisementAdvertisementNotably, the bill did not contain more funding for Ukraine, a key objection for some Republicans. The consequences of a shutdown would have been drastic for thousands of federal workers, along with Americans who rely on a range of federal programs. House Democrats said in the statement that they expect McCarthy to advance a bill to the House floor for an up-or-down vote on Ukraine funding.

Persons: —, Kevin McCarthy, Joe Biden, Marsha Blackburn, Mike Braun, Ted Cruz, Bill Hagerty, Mike Lee, Roger Marshall, Rand Paul, Eric Schmitt, JD Vance, Matt Gaetz, McCarthy, Gaetz, Andrew Bates, Biden Organizations: Service, Federal Aviation Administration, National Flood Insurance, Ukraine, Republican, Social, GOP, Democratic, House Republicans, House Democrats, Republicans Locations: Ukraine

☆ Pending home sales plunged in August as 2-decade high mortgage rates continue to squeeze both buyers and sellers
▼ + stars: | 2023-09-28 | by ( Aruni Soni | ) www.businessinsider.com time to read: +2 min

Pending home sales slipped 7.1% in August in another sign of the housing market's slump. Multi-decades high mortgage rates are keeping homebuyers out of the market. AdvertisementAdvertisementPending home sales slipped 7.1% in August compared to July, according to the National Association of Realtors. "Mortgage rates have been rising above 7% since August, which has diminished the pool of home buyers," said Lawrence Yun, NAR chief economist, in the release. Home sales dipped from August across all regions of the country, falling the most in the South, where pending sales recorded a drop of 9%.

Persons: —, Lawrence Yun, Glenn Kelman, NAR's Yun Organizations: Service, National Association of Realtors, NAR

☆ Here's what a government shutdown would mean for your wallet
▼ + stars: | 2023-09-27 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

During a shutdown, the federal government ceases operations that are deemed non-essential. Win Mcnamee | Getty Images News | Getty ImagesIt's poised to occur this year as hard-right conservatives in the Republican-controlled House are using a possible shutdown as leverage to force deep cuts in federal spending. watch nowMillions may also lose certain federal benefits, with that threat increasing with the length of a shutdown, experts said. Food assistance through the Supplemental Nutrition Assistance, or SNAP, program is "on better footing" than WICs, which would likely be affected within days of shutdown, Sprick said. Section 8 housing vouchers, which are for families with low incomes, seniors and people with disabilities, would also be at risk, Sprick said.

Persons: —, Kevin McCarthy, Win Mcnamee, Sprick, Mark Zandi, Zandi, Emerson Sprick Organizations: Bloomberg Creative, Bloomberg, Getty, Republican, Center, Congressional Research Service, Social Security, Congressional, Workers, Moody's, Contractors, Women, Assistance, SNAP, Loans, Small, Administration, U.S . Department of Education, Education, Center Service, Social Security Administration, Travelers, Transportation Security Administration, United Auto Workers Locations: U.S

☆ The vicious cycle of homeowners insurance: It's increasingly expensive to protect homes in the disaster-prone areas that need it most
▼ + stars: | 2023-09-20 | by ( Dan Latu | ) www.businessinsider.com time to read: +6 min

Earlier this year, Allstate joined State Farm in no longer offering new home insurance in California over climate risk. Across the country, 83% of prospective homebuyers said climate risk factored into where they are shopping for homes, according to a recent Zillow study. Danny Collins of Hobe Sound, Florida, told Insider in July how the bank holding his mortgage raised his monthly rate by $1,000, citing increased flood insurance. Matheus told Insider. Have you moved or are you considering a move because of climate risk and extreme weather events?

Persons: Carolyn Kousky, Berkshire Hathaway, Vox, Dave Jones, they'll, Danny Collins, Collins, Bob Stephens, Stephens, Martha Flanagan, Jason Beury, Charles Matheus, Kelly Roberge, Matheus, Dan Latu Organizations: Service, The Washington Post, Environmental Defense Fund, Allstate, Berkshire, Nationwide, National Association of Insurance, . Erie Insurance Group, Washington Post, State Farm, Farmers Insurance, Insurance, Wall Street, Journal, Hobe, Marathon Locations: Florida, Kansas, New York, California, Louisiana, United States, Coral, Florida's, Hobe Sound, Arizona, Brooklyn , New York, Kansas City , Kansas, Utica , New York, dlatu@insider.com

The U.S. homeowner’s insurance industry has had three straight years of underwriting losses, according to credit rating agency AM Best. Record numbers of Americans are now insured through state-affiliated “insurers of last resort” like California’s FAIR Plan, or Louisiana or Florida’s Citizens property insurance companies. These programs were designed to insure properties where private insurance companies have refused to insure or the price for private insurance is too expensive. In Florida, Citizens Property Insurance Corp. now has 1.4 million homeowners’ policies in effect, nearly triple in five years. “It used to be homeowner's insurance was an afterthought when you are looking at buying a property.

Persons: you’re, ”, California Sen, Bill Dodd, Jeremy Porter, Fannie Mae, Todd Bevington, “ I’ve, Jen Goodlin, ‘, ’ ”, “ We’ve, ” Dodd, Dodd, Porter, Guy Carpenter, Lara Mowery, Mowery, ” Mowery, That’s, ” Bevington, Adam Beam, Janie Har Organizations: First Street Foundation, Bank of America, Treasury Department, Paradise, FAIR, Citizens Property Insurance Corp, Farm, Allstate, National Flood Insurance, Swiss, Munich Re, Hurricane Locations: California, Florida, Louisiana, Lahaina, Vermont, Maine, New York, U.S, “, Paradise, Northern California, Colorado, Munich, New Orleans, Gulf, Asheland, N.C, Sacramento, Calif, San Francisco

CNN —Millions of American homeowners could see insurance rates surge in the coming years in part due to worsening climate disasters, new data shows. It’s another alarming sign for the future of America’s homeowners’ insurance market. “We’re still kind of at the forefront of the insurance industry pricing in climate risk into the real estate market,” Porter told CNN. Premiums are at risk of surging to a lesser extent in cities across the country, First Street data shows. “I know where the places are where people are dropping their insurance — it’s Florida, Louisiana, California and Colorado,” Bach told CNN.

Persons: ”, David Jones, Jeremy Porter, “, ” Porter, Hurricane Ian, Matias J, Jones, ” Jones, Amy Bach, Bach, ” Bach, Kyle Grillot, Reuters Jones, Porter, ‘ I’m, it’s Organizations: CNN, Foundation, UC Berkeley’s Center for Law, Energy, Hurricane, Miami Herald, Tribune, Service, Los, National Flood Insurance, FEMA, United, Residents, Reuters Locations: California , Florida, Louisiana, California, Matlacha , Florida, Florida, Texas, Vermont, Montpelier . Kentucky, West Virginia, Miami, Jacksonville, New Orleans, East Coast, Atlantic City , New Jersey, Virginia Beach, Norfolk , Virginia, Wilmington , North Carolina, Charleston , South Carolina, Savannah , Georgia, New York City, Phoenix, Chicago , Pittsburgh, Louisville, Cincinnati, West Coast, Riverside , California, Los Angeles, Gulf Coast, Plaquemines Parish , Louisiana, Collier County , Florida, Colorado, Wrightwood , California

Florida and California homeowners have been dealing with high property insurance premiums due to severe weather. Louisiana is now the third-most expensive state for insurance according to Insurify , an insurance comparison website. The average annual premium for Louisiana is $5,353, which is three times the national average homeowners insurance cost. Car insurance and flood insurance premiums are also rising within the state. Louisiana has the least affordable car insurance rates in the nation, according to the Insurance Research Council .

Persons: Mark Friedlander Organizations: Farm, Allstate, Service, Privacy, Insurance, Institute ., Insurance Research Locations: Florida, California, Louisiana, Wall, Silicon, Institute . Florida, Louisiana Louisiana, . Louisiana, Hawaii —

☆ Flood insurance swamps US government
▼ + stars: | 2023-09-11 | by ( Ben Winck | ) www.reuters.com time to read: +4 min

REUTERS/Evelyn Hockstein Acquire Licensing RightsWASHINGTON, Sept 11 (Reuters Breakingviews) - The U.S. government’s flood coverage could soon find itself financially underwater. The National Flood Insurance Program, which covers nearly 5 million properties, needs to be reauthorized by Congress by the end of the month to avoid a housing crunch. A FEMA report seen by the Associated Press estimated another 1 million fewer Americans will buy flood insurance by the end of the decade, further starving the program of much-needed funds. The program’s flood fund lost nearly $1.9 billion in fiscal 2022, up from a $236 million loss the year prior. Follow @BenWinck on XCONTEXT NEWSCongressional authorization for the U.S. National Flood Insurance Program is set to lapse on Sept. 30 if lawmakers don’t approve a new extension.

Persons: Joe Biden, Jill Biden, Evelyn Hockstein, Hurricane Lee, Lee, Lauren Silva Laughlin, Sharon Lam, Aditya Sriwatsav Organizations: REUTERS, Rights, Reuters, Flood Insurance, National Association of Realtors, FEMA, Associated Press, National Oceanic, Atmospheric Association, U.S, National Flood Insurance, Federal Emergency Management Agency, National Hurricane Center, Thomson Locations: Oak, Florida, U.S, United States, Singapore, East Coast

☆ Private market insured losses from Hurricane Idalia to be $3-5 bln - Moody's RMS
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: +1 min

View of a damaged property after the arrival of Hurricane Idalia in Horseshoe Beach, Florida, U.S., August 31, 2023. REUTERS/Julio Cesar Chavez/File Photo Acquire Licensing RightsSept 4 (Reuters) - Private market insured losses are expected to be between $3 billion and $5 billion due to Hurricane Idalia which struck the Big Bend region of Florida last week, the catastrophe risk modeling business of Moody's said in a report on Monday. The estimates represented insured losses associated with wind, storm surge, and precipitation-induced flooding caused due to the hurricane. "Major Hurricane Idalia could have been much more impactful had the storm taken a different track or not weakened just before landfall," said Jeff Waters of Moody's RMS said. The report also said it expects around $500 million in losses to the National Flood Insurance Program (NFIP) due to the hurricane.

Persons: Julio Cesar Chavez, Moody's, Idalia, Jeff Waters, Shivansh, Ed Osmond Organizations: REUTERS, National Flood Insurance, Thomson Locations: Horseshoe Beach , Florida, U.S, Bend, Florida, Coast, Georgia, Bengaluru

CEDAR KEY, Fla. — As cleanup begins in the aftermath of Hurricane Idalia, the storm has served as a stark reminder that Florida's insurance industry remains in flux. But many of those homeowners face uncertainty amid the upheaval that has emerged in Florida's insurance industry in recent years. A thinning insurance market that is beset by more regular hurricanes has caused insurance policy costs to skyrocket. The state's insurance industry is preparing to lose four insurers since last year — Farmers Insurance, Bankers Insurance, Centauri Insurance and Lexington Insurance. Aggravating the problem, 82% of Floridians do not have flood insurance, which is typically operated by the National Flood Insurance Program, a federal program run by the Federal Emergency Management Agency.

Persons: Idalia, Chris Draghi, That's, Gregory Buck, Buck, Aimee Firestine, Firestine, Amy Bach, United, Bach, Mark Friedlander, Friedlander, Gabe Gutierrez, Phil McCausland, Melissa Chan Organizations: Insurance Information Institute, U.S, — Farmers Insurance, Bankers Insurance, Centauri Insurance, Lexington Insurance . Farmers Insurance, National, Experts Insurance, Homeowners, Insurance, Property Insurance Corp, National Flood Insurance, Federal Emergency Management Agency, Congress, First Street Foundation, FEMA, Cedar Key Locations: Fla, Florida's Big Bend, Florida, Georgia, Florida , Georgia, South Carolina, Cedar, America, Taylor County, Bend, New York City

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