Even though insurance experts said significant gains have been made since a special session to address skyrocketing premiums, they also said Hurricane Idalia could wreak havoc on the market.
If Guthrie’s predictions are right, Floridians are poised to suffer another destructive blow from Hurricane Idalia both on the coastline and in the inland areas. It’s the worst-case scenario for property owners in Florida. Friedlander said the wind, the waves, and life-threatening storm surge could result in insurance claims that may deplete Citizens reserves, which would result in what’s called a “Hurricane Tax” or surcharge, to all Florida insurance policyholders.
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