Hurricane Milton, a powerful storm packing 160 mph winds, is threatening Florida’s already fragile property insurance market. Analysts estimate insured losses could reach as high as $100 billion. Florida residents are left seeking coverage as national insurers retreat, and smaller providers fail or deny claims. Since 2003, forty-one Florida insurers have gone bankrupt, and in 2023, the state’s largest providers rejected nearly 50% of claims. Citizens Property Insurance, a state-run nonprofit, offers coverage but may impose surcharges if it runs out of funds. Insurance costs in Florida, already the highest in the U.S., are likely to rise further as Milton approaches.
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00:00It's Benzinga, and here's what's on the block.
00:02Hurricane Milton, a powerful storm packing 160 mph winds, is threatening Florida's already
00:08fragile property insurance market.
00:11Analysts estimate insured losses could reach as high as $100 billion.
00:15Florida residents are left seeking coverage as national insurers retreat and smaller providers
00:20fail or deny claims.
00:22Since 2003, 41 Florida insurers have gone bankrupt, and in 2023, the state's largest
00:27providers rejected nearly 50% of claims.
00:31Citizens Property Insurance, a state-run non-profit, offers coverage but may impose surcharges
00:36if it runs out of funds.
00:38Insurance costs in Florida, already the highest in the U.S., are likely to rise further as
00:42Milton approaches.
00:43For all things money, visit Benzinga.com.