FAST FIVE: Hurricane Ian To Unleash Up To $70 Billion In Losses, Insurance Market Devastation And Even Bigger Spike In Inflation
Some insurers will likely not survive: Ian is arriving in the wake of six insolvencies among insurers that write homeowner policies in the state.
Instead, they fall under policies managed by the Federal Emergency Management Agency.
Florida has passed legislation that would make those exits harder; meanwhile, the company is charging more for insurance, particularly for homes with older roofs.
“It's no secret that the private market has been facing some challenging times here in Florida,” Peltier said.
In short: a perfect storm in the worst possible time.