Residents pressured out by Hurricane Ian have been allowed to return to Fort Myers Seaside over the weekend — however the difficult technique of determining what insurance coverage would possibly cowl has simply begun.
"I do not actually assume plenty of that is coated. And that is, like, our largest concern and concern," mentioned Robby Podgorski, who was assessing the harm to his Fort Myers enterprise, the Inexperienced Cup Cafe.
Like so many there, he had insurance coverage for wind harm — however not flood harm.
"Neither me nor my landlord, nor a majority of the householders in my neighborhood had flood insurance coverage," he mentioned. "Since we're in a historic constructing in technically a FEMA flood zone, our insurance coverage could be greater than our mortgage or our lease."
Solely 18% of Florida houses have flood insurance coverage, in keeping with Insurance coverage Info Institute. Florida householders already pay the very best premiums — practically thrice the nationwide common — for property insurance coverage, Insurance coverage Info Institute says.
Florida state Sen. Jeff Brandes says one drawback is that a whopping 80% of property insurance coverage lawsuits come from Florida, regardless of solely representing 8% of the nation's insurance coverage claims. It is driving insurers out or into chapter 11, he mentioned.
"The trial attorneys are making billions of dollars in Florida by suing property insurers," Brandes mentioned. "And they also're closely lobbying the legislature to simply do nothing for one more yr, and so to proceed to kick the can down the street. Sadly in Florida, we're out of street."
He says on high of current charge hikes, householders throughout the state can anticipate insurance coverage charge will increase wherever from 20% to 40% after Hurricane Ian.
Florida officers say insurance coverage corporations have already paid greater than $207 million in claims from the storm.