Florida's Insurance Market Lashed as Residents Face Hurricane Milton

  • 📰 Newsweek
  • ⏱ Reading Time:
  • 21 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 12%
  • Publisher: 52%

Business News News

Business Business Latest News,Business Business Headlines

Hurricane Milton is set to be even more burdensome for insurers than Helene, insurers say, with losses estimated at up to $15 billion.

Florida's already strained insurance market is still reeling from the destruction of Hurricane Helene, and is now due to face further pressure with Hurricane Milton barreling toward the state.Mark Friedlander, the director of corporate communications at the Insurance Information Institute , told Newsweek that Hurricane Milton is set to be even more burdensome for insurers than Helene.

Homeowners filing claims in the wake of Helene and Milton also may face challenges as insurers have in recent years reduced coverage, raised deductibles, and tightened policy terms to offset growing financial pressures from rising natural disasters and underwriting losses.Because of these higher deductibles for things like wind damage, homeowners with minor losses may now find that these are not covered.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 468. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Shares of generator maker Generac soar, insurance stocks fall as Hurricane Milton intensifiesPower generation and insurance stocks are moving as Hurricane Milton heads toward Florida.
Source: CNBC - 🏆 12. / 72 Read more »