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Florida's Insurance Market Lashed as Residents Face Hurricane Milton

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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.

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Fonte: CNBC - 🏆 12. / 72 Leggi di più »