Hurricanes Milton and Helene Drive Billions in Losses

Hurricanes Helene and Milton are expected to incur damages exceeding $50 billion, joining the ranks of historically costly storms like Katrina and Sandy. A staggering 95% of the damage from Helene was uninsured, leaving many victims in dire financial situations. While overall storm-related deaths have decreased, Helene was an exception, and damages are rising due to increased development in vulnerable areas and the effects of climate change. Milton, which rapidly intensified to a Category 5 storm, has already resulted in $1.865 billion in insured losses, with estimates suggesting total losses could reach between $30 billion and $50 billion. The Florida property insurance industry is reportedly in a stronger position due to recent legislative reforms, yet many residents are still struggling to access assistance. As recovery efforts continue, the community is heavily relying on local support while waiting for federal aid.