Why Ian May Push Florida Real Estate Out of Reach for All but the Super Rich

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https://www.nytimes.com/2022/10/13/climate/florida-real-estate-hurricane-ian.html

By Christopher Flavelle, The New york Times. 

Excerpt: The scale of the destruction from Hurricane Ian threatens to destabilize Florida’s insurance and real estate markets, as devastated residents file a record number of claims for damaged or destroyed homes. Privately insured losses from Ian are expected to reach $67 billion, not including flood insurance, according to an estimate by RMS, a catastrophe modeling firm. That is in line with other forecasts and puts Ian, which slammed into Florida two weeks ago, close to 2005’s Hurricane Katrina, the most expensive disaster in United States history. And it’s about twice the toll, in current dollars, of insured losses from Hurricane Andrew in 1992, which had been the most expensive storm ever to hit Florida and bankrupted some underwriters while causing others to flee the state. Data now makes it clear that Ian is part of a trend: Climate change is making hurricanes and other disasters more destructive and pushing up the cost of home insurance until it’s out of reach for many people. More violent storms, flooding and wildfires in states like Louisiana and California are causing insurers to pull back from those markets.… 

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