The Costly Aftermath of Hurricane Idalia: A Looming Insurance Crisis

Florida's insurance industry is facing uncertainty as the state deals with the aftermath of Hurricane Idalia. The frequency of powerful storms in recent years has caused insurance policy costs to skyrocket, with an average home premium in Florida being around $6,000 per year compared to the national average of $1,700. Several insurers have left the state, leaving homeowners with limited options and potentially higher premiums. Additionally, the lack of flood insurance coverage is a major concern, as most homeowners or hurricane policies do not cover flooding, leaving many vulnerable to significant out-of-pocket costs for damage.