According to a recent report from the housing analytics company Core Logic, Hurricane Ian’s storm surge threatens over 1 million single-family and multifamily residences along Florida’s Gulf Coast.
The worth of reconstruction, or simply the cost of rebuilding those homes, comes to $258.3 billion.
Shahid Hamid, director of the economic research lab at the International Hurricane Research Center at Florida International University, told Axios that “if it comes in Tampa and then travels and strikes Orlando, you’re talking about enormous losses.”
We have put together the following advice for Florida homes dealing with hurricane damage or flooding:
Before A Storm:
- Make paper copies of your insurance policies and keep them dry in Ziploc bags or other water-resistant containers. Be sure to save your policies online so that computers can access them anywhere.
- Take pictures and videos of your house and valuable furnishings, accessories, and technology. Get their makes, models, and serial numbers for sure.
After A Storm:
Secure property against theft, make any quick repairs that are required (such as repairing a broken window) and report any damage by submitting a claim with your insurance provider right away. Within a few days, an adjuster must do an inspection.
The Insurance Information Institute states:
- Typical homeowner, renter, and business insurance plans often cover wind-related property damage.
- In general, flooding damage is covered by homeowners’ insurance policies under FEMA’s National Flood Insurance Program. With 35% of the residences surrounded, Miami-Dade County, in my opinion, has the greatest coverage, Hamid added.
- Storm-related car damage is covered by the comprehensive insurance provision of an auto insurance policy, which is optional.
- There is also federal disaster help available.
The Big Picture:
- An insurance issue is currently affecting Florida. According to the Insurance Information Institute, Florida residents pay the highest average rate in the country for property insurance, at $4,231 – over three times the $1,544 national average
- While this has been happening, six Florida property insurance firms have filed for bankruptcy, and others are canceling or refusing to renew their contracts.
- Hamid said that expenses had increased in part due to Florida’s storm risk as well as other hazards, such as wildfires in other states, which increase costs for insurers.
- Legal disputes between contractors and insurance firms are another cost driver.
- These days, according to Hamid, insurance companies could provide homeowners with a list of authorized contractors.