From CBS Miami :
Damage reports from the massive hurricane are being assembled.
“Initial estimates are coming in at 30 billion dollars in damages,” said insurance expert Caroline Melear.
Melear herself had trouble getting insurance recently on the modest condo she and her husband bought in Atlantis, Florida. Her premium is a whopping $4,000 a year.
She says the hurricane is on top of an industry already in crisis.
“We’ve had insurers go under and leave. It’s because they are profitable. It’s because of a litigation problem. Florida has 9 percent of the homeowners’ insurance policies in the country but 79 percent of the lawsuits,” she said.
Florida’s hurricane CAT fund has $17 billion to help insurance companies if needed, but it will not cover flood damage.
FEMA will cover flooding and the Florida Insurance Guaranty Association or FIGA will kick in to help policyholders if a company goes under, but Melear says we need a long-term solution.
“It’s time lawmakers stop kicking the can down the road,” she said.
See The Report Below:
- “CBS Miami”: https://www.cbsnews.com/miami/news/expert-property-insurance-premiums-likely-to-double-by-end-of-year/