www.Route-Fifty.com
When Hurricane Ian pummeled Florida in early October 2022, it left a trail of physical destruction in its wake. Entire neighborhoods were submerged in water, cities were damaged by 150-mile-per-hour winds, and thousands of people lost their homes overnight.
The fallout from Hurricane Ian will be both physical and financial. Wind damage is typically covered by standard homeowner’s insurance, and the reimbursements required by Hurricane Ian’s extensive loss are potentially accelerating the collapse of the state’s homeowner’s insurance industry.
Home insurance costs are positioned to increase for Florida residents. The state will be forced to impose new taxes and penalties as it tries to keep the insurance market functioning. While homeowner’s insurance nationwide averages around $1,500 annually, Floridians pay almost three times as much. Hurricane Ian has the potential to make life in Florida more expensive for everyone in the state that owns a home or a car.