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Florida insurance market dodges bullet with Hurricane Idalia

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Florida leaders had been crossing their fingers in hopes Mother Nature would spare the state from a major hurricane this year, as the state’s property is in the early stages of recovery after facing total collapse last year.

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“Had the storm hit the Tampa, St. Petersburg area we’d be looking at a totally different situation,” said Michael Barry with the Insurance Information Insitute.Barry said because the storm hit relatively low-population areas, estimated costs to insurers were significantly less than other recent storms, with early insured damage estimates putting the cost around $9 billion.

Jeff Brandes with the Florida Policy Project worked for years on the property insurance crisis as a state senator.Brandes argued reforms passed by lawmakers in a round of special sessions last year aimed at reducing litigation costs in the property insurance market helped position the industry to weather a storm like Idalia.

 

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