It’s been about a month since the one-two punch from Helene and then Hurricane Milton in Florida. And hurricane victims, even those with insurance, are facing a challenging recovery.
🇺🇸With hurricanes Helen and Milton having just ravaged Florida and North Carolina, the issue of insurance is once again centre stage.In #Louisiana, many companies went bankrupt or have had their rates increase 5-fold in some cases.A #FOCUS report by @FannyAllard1 and @FrazJ⤵️ pic.twitter.com/Ea2SXfzhdc
— FRANCE 24 English (@France24_en) November 5, 2024
The insurance industry is categorizing Hurricane Helene as an almost entirely flood-driven event. While Milton was both a wind and rain event. Experts say property owners who lacked flood insurance may not be protected from water damage from Milton either, thanks to the way many insurance policies are written these days.
Data from the insurance comparison website Insurify shows that homeowners in some hurricane-prone states already face the highest home insurance rates in the country. Astronomical costs from hurricane damage claims contribute to Florida’s average home insurance rate of nearly $11,000 a year. Louisiana, the second-most expensive state, has an average annual rate near $6,500, according to Insurify. And in South Carolina, the average annual rate is roughly $3,500 a year.
Digital meteorologist Leslie Hudson has more on the building insurance crisis in these hurricane prone states.
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