Michael Presley Bobbitt, a resident of Cedar Key, Florida, tells Stuart Varney about his on-the-ground expertise in his space following the devastation of Hurricane Helenes and what the federal response was like.
Another hurricane is heading in the direction of Florida, placing residents and the state’s already battered insurance coverage sector in issue.
Hurricane Milton has reached the Category 5 stage and is anticipated to hit the Sunshine State on Wednesday, which might make it the second main storm to hit Florida in lower than two weeks because the Southeast continues to reel from the destruction of lethal Hurricane Helene.
Warnings for Hurricane Milton in Florida (FOX Weather / Fox News Weather)
The risk of one other storm could not come at a worse time for weary owners, whose costs have been rising throughout the United States for years. But actual property dealer Ryan Serhant, founder and CEO of SERHANT, just lately instructed FOX Business that Florida is in a house insurance coverage disaster.
STUNNING STATISTICS SHOW HOW FEW HELENE VICTIMS HAD FLOOD INSURANCE IN APPALACHIA
Florida residentsprobably the most hurricane-prone state within the nation, paid a mean of $10,996 in annual owners insurance coverage premiums final yr, and Insurify predicts their charges will improve 7% to a mean of $11,759 by the top of 2024.
A employee at Roy’s restaurant searches by the rubble of the demolished enterprise after Hurricane Helene made landfall in Steinhatchee, Florida. (Willie J. Allen Jr./Orlando Sentinel/Tribune News Service by way of Getty Images/Getty Images)
But even for individuals who can afford the speed hike, Florida owners are seeing their protection dwindle and left struggling after no less than seven insurers have been declared bancrupt in Florida for the reason that begin of 2022.
According to the Insurance Information Institute, as of this time final yr, about 15 p.c of Florida owners had no owners insurance coverage, greater than double the nationwide common of seven p.c.
CALIFORNIA FIRES PLACE UNPRECEDENTED INSURANCE EXCLUSION ON HOMEOWNERS
In current years the state has carried out a collection of reforms to handle the issue, together with sweeping laws aimed toward cracking down on lawsuit abuse. Meanwhile, nevertheless, annual property insurance coverage premiums have continued to rise dramatically.
Sarasota Mayor Liz Alpert talks concerning the aftermath of Hurricane Helene as one other storm hits Florida.
Earlier this yr, forecasting service WeatherBell Analytics predicted that 2024 can be a “hurricane season from hell,” and Helene’s devastation, which has to this point claimed the lives of greater than 230 Americans, proved prescient .
