More than $1.27 billion in federal grants, disaster loans, and flood insurance payments have been made to the state of Florida and individuals to assist survivors in resuming their lives following Hurricane Ian. For emergency response, FEMA has provided $595 million to households and $322 million to the state, while the US Small Business Administration… Continue reading FEMA Support for Hurricane Ian Recovery at $1.27 Billion So Far
Tag: hurricane Ian
FL Gov DeSantis Announces Support for Ian-Impacted Homeowners Insurance Deductibles
Governor Ron DeSantis announced that the Florida Housing Finance Corporation (Florida Housing) will award $5 million to local housing partners to assist Floridians impacted by Hurricane Ian in the six hardest hit counties in paying their home insurance deductibles. Individuals, families, and seniors living in Charlotte, Collier, DeSoto, Hardee, Lee, and Sarasota counties who apply… Continue reading FL Gov DeSantis Announces Support for Ian-Impacted Homeowners Insurance Deductibles
Florida CFO Plans to Introduce Legislation to Prevent Fraud
In the aftermath of Hurricane Ian, Florida’s Chief Financial Officer is calling for a major overhaul in the way insurance is handled in order to prevent fraud. State CFO Jimmy Patronis has stated that he intends to introduce new legislation in the upcoming session to address issues ranging from bad public adjusters to assisting consumers… Continue reading Florida CFO Plans to Introduce Legislation to Prevent Fraud
Buyers Looking for Housing Deals in Hurricane-Damaged Florida
Less than a month after Hurricane Ian wreaked havoc on southwestern Florida, investors and other buyers are looking for bargains in a region where home prices have skyrocketed in recent years. According to residential real-estate agents in Naples, Fla., and other areas near the Category 4 storm’s path, demand from both locals and out-of-staters remains… Continue reading Buyers Looking for Housing Deals in Hurricane-Damaged Florida
Strong Hurricanes, Stricter Building Codes Changing Florida’s Coastal Communities
Trixie Parkes’ 1976 wood-framed cottage was both her home and her primary source of income, as she rented out two units on the top floor to tourists. However, Hurricane Ian ripped through in late September, destroying most of the first floor and gouging a gaping hole in the walls of the second floor. She lacked… Continue reading Strong Hurricanes, Stricter Building Codes Changing Florida’s Coastal Communities
JP Morgan: Munich Re & Swiss Re Likely to Have Largest Share of Ian Losses
Based on RMS’s $67 billion estimate of Hurricane Ian losses, JP Morgan believes Munich Re and Swiss Re will have the largest market share of Ian losses. According to JP Morgan, RMS provided a range of $53-74 billion, with an additional $10 billion in losses for the National Flood Insurance Programme due to storm surge… Continue reading JP Morgan: Munich Re & Swiss Re Likely to Have Largest Share of Ian Losses
Florida Farmers Assessing Damage to Citrus Industry from Ian
The water has receded, but the stench remains. Emma Reynolds Ezell can’t get over the stench as she surveys the damage done to her orange groves by a night of 100-mile-per-hour winds. It’s nothing like the usual sweet citrus scent that wafts through the air. It’s “swampy” instead: The stench of oozing mud that had… Continue reading Florida Farmers Assessing Damage to Citrus Industry from Ian
Hurricane Ian Will Significantly Impact Wind-Exposed States: MarketScout
Following Hurricane Ian, MarketScout CEO Richard Kerr stated that the storm loss event will have “significant” implications for property rates in Florida and other wind-prone states in the United States. According to MarketScout’s analysis of commercial insurance market rates during the third quarter of 2022, property rates in coastal areas are now expected to rise… Continue reading Hurricane Ian Will Significantly Impact Wind-Exposed States: MarketScout
FL Homeowners Reduced Flood Insurance Coverage Years Before Ian Hit
In the years leading up to Hurricane Ian inundating coastal and inland areas with up to 15 inches of rain, Florida homeowners had reduced their flood insurance coverage. Only a small percentage of homes in two of Florida’s hardest-hit inland counties have flood insurance. According to an analysis by Neptune Flood, a private-sector flood-insurance provider,… Continue reading FL Homeowners Reduced Flood Insurance Coverage Years Before Ian Hit
Insured Loss Estimates from Ian Keep Rising
According to a risk-modeling firm, Hurricane Ian will cost private US insurers $63 billion in claims and result in the largest storm-related losses in Florida history. Karen Clark & Co. said in a report Friday that the forecast includes losses to residential, commercial, and industrial properties, as well as automobiles. Previous estimates cited by industry… Continue reading Insured Loss Estimates from Ian Keep Rising