Under the Federal Emergency Management Agency (FEMA) 50% rule, homes that incur substantial damage — a FEMA standard that kicks in when repair costs reach at least 50% of a property’s market value — must be brought up to current building codes and floodplain regulations.
Tag: hurricane Ian
Swiss Re: Insured Losses from Natural Catastrophes Top $100B Mark in 2022
2022 was the second consecutive year in which insured losses from natural catastrophes exceeded the $100 billion mark.
Post Hurricane Ian Many People in Fort Meyers Still Living in Tents
People in Fort Myers, Fla., are scrambling to find housing after Hurricane Ian devastated the area in September, forcing some residents to camp in places where their homes once stood.
Tornadoes, Hurricanes and Wildfires Racked Up $165B in Disaster Damage in 2022
A series of major disasters, including the deadly Hurricane Ian, increased the cost of extreme weather events to around $165 billion.
Hurricane Ian Claims Data Shows Cost to Insurers of Almost $10.3B: FLOIR
Insured losses estimated from claims data submitted by primary insurers in the state following Hurricane Ian now total nearly $10.3 billion.
AIG CEO Zaffino: Insurers Are Looking at a $60B Hit from Hurricane Ian
Hurricane Ian could cost insurers up to $60 billion, according to AIG CEO Peter Zaffino.
Prudential Suffers Big Loss on Rising Rates, AIG Reports Ian Losses
Rising interest rates and volatile stock markets hurt insurer Prudential Financial Inc. while AIG was hit with Hurricane Ian claims in third quarter.
Florida Cat Fund Could See $10B in Losses from Hurricane Ian
Officials estimate that Hurricane Ian caused $10 billion in losses to the Florida Hurricane Catastrophe Fund.
Swiss Re Posts Hurricane Ian Losses, Anticipates Renewal Price Hikes
Swiss Re posts losses due to Hurricane Ian and indicates price increases for 2023.
Damage from Ian to Florida Agriculture as High as $1.8 Billion
State officials so far peg damages to Florida’s agriculture from Hurricane Ian at up to $1.8 billion.