WEST PALM BEACH, Fla. — The property insurance industry in Florida is bracing for a potential hurricane as Helene takes aim at the state this week.
"There's a lot of uncertainty with this storm, but the one thing that is certain is we are going to see some impacts," Gov. Ron DeSantis said Tuesday.
The governor outlined preparations for the Big Bend area, which could experience its third big storm in just over a year.
"[This area could] potentially see a larger impact than the last two storms," Mark Friedlander of the Insurance Information Institute said. "At this point, we don't know what is going to play out."
Friedlander said the insurance industry is ready to absorb the impact of the storm with capital on hand and plenty of reinsurance to handle potential claims, especially if the hurricane avoids larger cities.
"Even if it stays offshore, passing the Tampa Bay area, it could still have significant impacts in that part of the state with wind damage and storm surge," he said. "We're seeing hurricane watches and storm watches as far east as metro Orlando."
Tropical Weather
61 Florida counties under state of emergency ahead of Helene
Flood insurance, particularly Federal Flood Insurance, can handle water claims but significant wind damage does stand to upend an industry that is currently trying to stabilize with at least 36 insurers looking to hold rates steady or lower them in 2025.
Still, Friedlander said this storm, at this point, is not expected to surpass damage from Hurricane Ian in 2022, which caused $112 billion in damage.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
Read WPTV's latest "Coverage Collapse" stories below:
-
Americans are taking side hustles as Trump's tariffs take hold
Americans are beginning to feel the pinch from President Donald Trump's tariffs, prompting many to find new ways to cope with rising prices.
Tariff 'tension' could mean higher prices at Black-owned salons
As the U.S. and China remain locked in a tariff dispute, the ripple effects are beginning to hit small businesses, including Black-owned beauty salons that rely on imported hair products.
The Costco Effect: How the wholesaler can impact prices at other stores
As Costco prepares to open this Friday in Stuart, WPTV has been examining all the ways the wholesale store could impact life in the area. One of those impacts could be to your wallet.
US economic volatility leads to growing pessimism, yet signs of recovery emerge
As rising pessimism grips Americans over their finances, positive developments in trade talks hint at a potential economic recovery ahead.
