The hurricane’s record-breaking cost will make it even harder for many to get insurance, experts say — threatening home sales, mortgages, and construction.
The scale of the destruction from Hurricane Ian threatens to destabilize Florida’s insurance and real estate markets, as devastated residents file a record number of claims for damaged or destroyed homes.
Privately insured losses from Ian are expected to reach $67 billion, not including flood insurance, according to an estimate by RMS, a catastrophe modeling firm. That is in line with other forecasts and puts Ian, which slammed into Florida two weeks ago, close to 2005’s Hurricane Katrina, the most expensive disaster in United States history.
And it’s about twice the toll, in current dollars, of insured losses from Hurricane Andrew in 1992, which had been the most expensive storm ever to hit Florida and bankrupted some underwriters while causing others to flee the state.
The storm’s ultimate impact on Florida’s insurance and housing market is hard to predict, experts say, because nobody can say how state policymakers will react. And if prospective homebuyers start to have an even harder time finding insurance, what will happen to the local housing market? People will still want to live there. The question is how they’ll pay for it.
If you sustained damage to your property, immediately contact The Florida Property Damage Attorneys at Consumer Law Office (CLO). Our law office will file your damage claim and will be by your side at the start of your claim until you get the money you need from your insurance company to fix or rebuild your home or business.
CALL TODAY attorney MORDECHAI BREIER, Founder of CLO, for a FREE CONSULTATION.
Mordechai is on your side and will bring you peace of mind during this challenging time and will aggressively push your insurance company to ensure that you receive the maximum amount available under your insurance policy.
305-940-0924 Visit https://consumerlawoffice.com/
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