A stormy forecast for insuranceHurricane Idalia, strengthened to a Category 3 storm on Wednesday morning, packing soaking rains and destructive winds of up to 125 miles per hour, as it lumbers toward the Florida coastline.
Such disasters are becoming more common — and more costly — each year, sending insurance costs soaring for homeowners and businesses.
Some firms doubt they can continue to cope with such superstorms, while others have limited their business in the state.
One of their big complaints: State regulations prevent them from raising prices for customers, they say, forcing them to say no to new policies.
Florida’s woes reflect a nationwide problem, one that is expected to intensify as climate change unleashes more extreme weather events.
Persons:
Hurricane, Ian
Organizations:
Carolinas, Insurance, Insurance Information Institute
Locations:
Florida, Coast, Georgia