Muni Moment: Florida CFO on Rebuilding After Hurricane
2 months, 2 weeks ago

Muni Moment: Florida CFO on Rebuilding After Hurricane

Bloomberg  

00:00 Water carries insurance in the case of the state of North Carolina. But most people would think, Why do I need to have flood insurance while I live in North Carolina? With experience of hurricane Ian, can you just walk us through for the people who weren't aware of this, how the rebate system actually works down in Florida? Well, I think the reality that people have to think is, look, it costs more per square foot to build a house today than it did five years ago. Jimmy, do you think that just in general there is going to be kind of a migration in Florida away from some of these areas that have gotten hit, as you said, as people age out, decide to shift elsewhere.

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History of this topic

The economic impact of Helene and Milton — and who pays for it
2 months ago

The economic impact of Helene and Milton — and who pays for it

Salon  

The 2024 hurricane season could rank among the most expensive after Helene flooded North Carolina in late September and Hurricane Milton hit south Florida about two weeks later. We need your help to stay independent Subscribe today to support Salon's progressive journalism The Federal Emergency Management Agency also provides direct aid to people who apply for assistance following natural disasters. …

No Hurricane Will Make Rich People Leave Florida
54 years, 11 months ago

No Hurricane Will Make Rich People Leave Florida

Slate  

It has been two weeks since the Tampa Bay area experienced what the Tampa Bay Times called its “worst hurricane in a century,” when Hurricane Helene made landfall up the Florida coast. The factors pushing landlords toward a richer slice of the market included “high costs, inadequate or difficult access to recovery resources, and strong market incentives to redevelop existing …

Unprecedented damage from storms is upending the insurance industry
1 year, 4 months ago

Unprecedented damage from storms is upending the insurance industry

LA Times  

A person stands outside a damaged home after a tornado hit May 13 in the unincorporated community of Laguna Heights, Texas. “The effects of climate change can already be seen in certain perils like heatwaves, droughts, floods and extreme precipitation,” Swiss Re Group Chief Economist Jérôme Jean Haegeli said in a statement. “Besides the impact of climate change, land use …

US may need to overhaul its flood insurance policy; here’s why
1 year, 10 months ago

US may need to overhaul its flood insurance policy; here’s why

Firstpost  

Rebecca Elliot, Associate Professor of Sociology at the London School of Economics, told Now This News that the United States’ flood insurance scheme is not feasible considering the widening impact of climate change With climate change wreaking havoc the world over, the planet has been facing more extreme weather patterns like torrential rainfall, droughts or floods. Rebecca Elliot, Associate Professor …

Why Republicans are coughing up billions of dollars to save Florida’s insurance market
2 years ago

Why Republicans are coughing up billions of dollars to save Florida’s insurance market

Salon  

In the three months since Hurricane Ian struck Florida, the state's fragile property insurance market has been teetering on the brink of collapse. In recognition of this crisis, Florida Governor Ron DeSantis convened the state's Republican-controlled legislature last week for a special session devoted to stabilizing the insurance market. Florida's property insurance premiums are already about three times higher than …

In flood-ravaged towns like Eugowra, residents face 'nonsensical' flood insurance premiums
2 years ago

In flood-ravaged towns like Eugowra, residents face 'nonsensical' flood insurance premiums

ABC  

As beeping trucks and heavy machinery collect flood debris strewn down her street, Eugowra resident Alison Teml surveys the damage to her home. Key points: Flood and storm insurance claims since 2020 have topped $12.3 billion, according to the Insurance Council of Australia Flood victims say they can't afford insurance premiums Experts say government-backed "reinsurance pools" could provide coverage for …

Hurricane Ian’s aftermath isn’t the only crisis facing Florida. There's also an insurance mess.
2 years, 2 months ago

Hurricane Ian’s aftermath isn’t the only crisis facing Florida. There's also an insurance mess.

Slate  

It’s the statistical equivalent of an alligator in the drive-thru: Florida accounts for 9 percent of the nation’s homeowner’s insurance claims, but 79 percent of insurance lawsuits. Whether trial lawyers and unethical contractors are really responsible, one thing’s for sure: Florida’s property insurance market is deeply broken, and the timing couldn’t be worse. Period.” “We’ve labeled it the most unstable …

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