Hurricanes Helene and Milton Raise Insurance Costs

Hurricanes Helene and Milton have significantly impacted Florida's insurance market, leading to skyrocketing homeowner premiums and reduced coverage options. Following the storms, many Florida residents, like Jim Tynan, are facing substantial premium hikes and fear losing their coverage altogether, with premiums increasing nearly 60% since 2019. Insurance analysts warn that these hurricanes will lead to adjustments in risk modeling, affecting homeowners across the country, including in Southern New England, where insurance rates may also rise. John Doyle of Marsh McLennan indicated that the recent hurricanes are expected to influence property insurance and reinsurance pricing for 2025, with elevated demand for catastrophe bonds. The combined estimated wind losses from both storms could range from $41 billion to $47 billion, impacting auto and property insurance premiums. Despite these challenges, experts note that Florida's insurance market is better equipped to handle losses than in previous years due to recent legislative reforms.