{"id":112931,"date":"2024-10-11T13:45:30","date_gmt":"2024-10-11T06:45:30","guid":{"rendered":"https:\/\/hotvideos24.online\/?p=112931"},"modified":"2024-10-11T13:45:30","modified_gmt":"2024-10-11T06:45:30","slug":"milton-wont-be-a-disaster-for-floridas-insurance-market-officials-say","status":"publish","type":"post","link":"https:\/\/hotvideos24.online\/?p=112931","title":{"rendered":"Milton won\u2019t be a disaster for Florida\u2019s insurance market, officials say"},"content":{"rendered":"<p> <script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<\/p>\n<div id=\"\">\n<p class=\"article__body-float article__body-float-left\">TALLAHASSEE \u2014 State officials are confident that Hurricane Milton won\u2019t be a crushing blow to Florida\u2019s recovering insurance market, despite analysts\u2019 predictions.<\/p>\n<p class=\"\">Although the state is still assessing the destruction<b> <\/b>from the Category 3 storm \u2014<b> <\/b>which<b> <\/b>includes at least four people killed \u2014 property<b> <\/b>damage didn\u2019t appear to be as severe as many people were expecting.<\/p>\n<p class=\"\">\u201cIt appears that the once in a lifetime catastrophe event was largely avoided,\u201d Office of Insurance Regulation Commissioner Mike Yaworsky said in a statement Thursday.<\/p>\n<p class=\"\">\u201cThe marketplace is poised to weather the impacts of these storms effectively,\u201d he added, pointing<b> <\/b>to recent reforms that include making it harder to sue insurance companies.<\/p>\n<p class=\"\">On Wednesday, the ratings agency AM Best wrote that Milton \u201cposes a significant threat to the Florida property insurance market,\u201d in part because furniture and<b> <\/b>other debris left outside<b> <\/b>following Hurricane Helene<b> <\/b>two weeks ago could become destructive airborne projectiles. That threat largely hasn\u2019t materialized in Tampa Bay so far.<\/p>\n<p class=\"\">Wall Street analysts predicted the storm could cause anywhere from $50 billion to $175 billion in insured losses, <a href=\"https:\/\/www.barrons.com\/articles\/hurricane-milton-disaster-evacuation-tampa-stocks-0e334a11\" target=\"_blank\" rel=\"noopener\">Barron\u2019s reported<\/a>. Those amounts could crush some of the small insurance companies that dominate Florida\u2019s market, leading to further instability and future rate increases.<\/p>\n<p class=\"\">When asked about those projections Thursday morning, Gov. Ron DeSantis flatly dismissed them.<\/p>\n<p class=\"\">\u201cHow the hell would a Wall Street analyst be able to know? It\u2019s been dark all day,\u201d DeSantis said. \u201cGive me a break on some of this stuff.\u201d<\/p>\n<p class=\"\">Concerns were also raised ahead of Milton about<b> <\/b>the impact on state-run Citizens Property Insurance, Florida\u2019s<b> <\/b>largest insurer with about 1.2 million homeowners policies.<\/p>\n<p class=\"\">About 20% of those policies are in Sarasota, Manatee, Pinellas and Hillsborough, amounting to about $88 billion in exposure for Citizens<b> <\/b>in counties in the storm\u2019s forecasted cone.<\/p>\n<p class=\"\">If Citizens doesn\u2019t have money to pay out claims, it can levy assessments on everyone\u2019s insurance policies, from auto to pet insurance, to pick up the tab.<b> <\/b>But<b> <\/b>that won\u2019t be necessary after Milton, Citizens spokesperson Michael Peltier said in a statement Thursday.<\/p>\n<p class=\"\">\u201cCitizens is in a strong financial position and able handle all claims without the need for surcharges or assessments,\u201d Peltier said.<\/p>\n<p class=\"\">Homeowners\u2019 policies cover damage from wind, fires, water leaks, theft and other issues \u2014 but not damage from flooding. That damage is covered by the federal National Flood Insurance Program or private flood policies.<\/p>\n<p class=\"\">That\u2019s a major reason why Hurricane Helene, which caused massive flooding in Tampa Bay, was expected to be a <a href=\"https:\/\/www.tampabay.com\/hurricane\/2024\/09\/26\/florida-hurricane-helene-storm-insurance-losses-desantis\/\" target=\"_blank\" rel=\"noopener\">\u201cmanageable event\u201d for Florida insurers<\/a>. That differentiation could also play a role in handling damage from Milton.<\/p>\n<p class=\"\">Florida\u2019s insurance market has seen a series of booms and busts since 1992\u2032s Hurricane Andrew upended the industry.<\/p>\n<p class=\"\">The latest crisis started after the state\u2019s decade-long drought of major hurricanes ended in 2017. Since then, premiums have skyrocketed and companies have withdrawn or shuttered.<\/p>\n<p class=\"\">The primary response by Republican lawmakers and DeSantis was to make it harder to sue insurance companies.<\/p>\n<p class=\"\">The market has begun to stabilize, with many companies requesting no rate increases or small reductions this year. On Thursday, <a href=\"https:\/\/floir.com\/home\/2024\/10\/10\/florida-s-insurance-commissioner-provides-update-on-continued-property-insurance-market-stabilization\" target=\"_blank\" rel=\"noopener\">regulators announced that USAA<\/a> was \u201creaffirming\u201d its commitment to do business in the state.<\/p>\n<p class=\"\">But homeowners\u2019 policies have not gone down meaningfully, putting pressure on legislators who say that property insurance remains their top constituent issue.<\/p>\n<p class=\"\">On Wednesday, Broward County Republican state Rep. Chip LaMarca <a href=\"https:\/\/x.com\/ChipLaMarca\/status\/1844180775006241175\" target=\"_blank\" rel=\"noopener\">posted on X<\/a> that he wanted to work with lawmakers in hurricane-hit areas \u201cto drastically change how we do insurance in Florida.\u201d<\/p>\n<p class=\"\">\u201cI don\u2019t care what the solution is, but I want to find one for every Floridian,\u201d he wrote. \u201cWe must fix it.\u201d<\/p>\n<p class=\"\"><i>Anyone needing to file Citizens claims can do so through the<\/i><a href=\"https:\/\/www.citizensfla.com\/catastrophe-claims\"><i> myPolicy<\/i><\/a><i> customer portal or by calling Citizens at 1-866-411-2742.<\/i><\/p>\n<p class=\"article__body-align article__body-align-center\"><b>\u2022 \u2022 \u2022<\/b><\/p>\n<p class=\"article__body-float article__body-float-left\"><a href=\"https:\/\/www.tampabay.com\/hurricane\/2024\/04\/05\/2024-hurricane-season-csu-forecast-florida\/\" target=\"_blank\" rel=\"noopener\">5 things to know about the 2024 hurricane season, according to forecasters.<\/a><\/p>\n<p class=\"article__body-float article__body-float-left\"><a href=\"https:\/\/www.tampabay.com\/hurricane\/2024\/04\/03\/forecasters-predict-extremely-active-2024-hurricane-season-heres-why\/\" target=\"_blank\" rel=\"noopener\">Forecasters predict \u2018extremely active\u2019 2024 hurricane season. Here\u2019s why.<\/a><\/p>\n<p class=\"article__body-float article__body-float-left\"><a href=\"https:\/\/www.tampabay.com\/news\/environment\/2024\/04\/04\/floridians-hit-by-ian-will-pay-more-flood-insurance-what-can-tampa-bay-learn\/\" target=\"_blank\" rel=\"noopener\">Could Tampa Bay flood insurance rise after a hurricane? A warning from Hurricane Ian<\/a><\/p>\n<p class=\"article__body-float article__body-float-left\"><a href=\"https:\/\/www.tampabay.com\/hurricane\/2024\/05\/30\/tampa-bay-tides-flooding-hurricane-season-2024\/\" target=\"_blank\" rel=\"noopener\">Want to know what areas are flooding in Tampa Bay? Here\u2019s where to look<\/a>.<\/p>\n<p class=\"article__body-float article__body-float-left\"><a href=\"https:\/\/www.tampabay.com\/hurricane\/2024\/06\/01\/2024-hurricane-season-storm-kits\/\" target=\"_blank\" rel=\"noopener\">Checklists for building all kinds of storm kits.<\/a><\/p>\n<\/div>\n<p><script async src=\"https:\/\/pagead2.googlesyndication.com\/pagead\/js\/adsbygoogle.js?client=ca-pub-3711241968723425\"\r\n     crossorigin=\"anonymous\"><\/script>\r\n<ins class=\"adsbygoogle\"\r\n     style=\"display:block\"\r\n     data-ad-format=\"fluid\"\r\n     data-ad-layout-key=\"-fb+5w+4e-db+86\"\r\n     data-ad-client=\"ca-pub-3711241968723425\"\r\n     data-ad-slot=\"7910942971\"><\/ins>\r\n<script>\r\n     (adsbygoogle = window.adsbygoogle || []).push({});\r\n<\/script><br \/>\n<br \/><div data-type=\"_mgwidget\" data-widget-id=\"1660802\">\r\n<\/div>\r\n<script>(function(w,q){w[q]=w[q]||[];w[q].push([\"_mgc.load\"])})(window,\"_mgq\");\r\n<\/script>\r\n<br \/>\n<br \/><a href=\"https:\/\/www.tampabay.com\/hurricane\/2024\/10\/10\/florida-hurricane-milton-insurance-crisis-desantis-flood\/\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>TALLAHASSEE \u2014 State officials are confident that Hurricane Milton won\u2019t be a crushing blow to Florida\u2019s recovering insurance market, despite analysts\u2019 predictions. Although the state is still assessing the destruction &hellip; <a href=\"https:\/\/hotvideos24.online\/?p=112931\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-112931","post","type-post","status-publish","format-standard","hentry","category-business","entry"],"_links":{"self":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/112931","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=112931"}],"version-history":[{"count":0,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=\/wp\/v2\/posts\/112931\/revisions"}],"wp:attachment":[{"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=112931"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=112931"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hotvideos24.online\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=112931"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}