Florida residents are bracing for peak hurricane season after a particularly brutal few years. The past three years have all been particularly rough for the sunshine state, and experts are predicting that this year is going to be another doozy.
Many people are still recovering from Hurricane Michael, a massive category five that devastated the panhandle around this time last year. The Florida Office of Insurance Regulation reports that insured losses from Michael topped $6.6 billion with roughly 148,000 claims filed. So far 84% of those claims have already been closed. That means a lot of people are still actively recovering from last year, hoping that there isn’t another storm in their future.
Daniel Betten, principal scientist for CoreLogic spoke with the Insurance Journal about some of the lessons Floridians have taken to heart since Michael made landfall. “Sometimes people get lulled into a false sense of security by hearing about a storm a week in advance,” he said. “Michael and Harvey are examples of storms that were very disorganized just a week before and then within one to two days intensified into major hurricanes.”
The 2019 hurricane season is predicted to bring with it at least four major storms. The odds are high that at least one of them will make landfall in Florida. Luckily, most residents have already realized that a proper insurance policy is essential if they want to stay in Florida.
According to OIR data obtained by the Insurance Journal, Florida’s private insurance market has grown by 169% since 2017. That means that a lot more residents are understanding the importance of a proper insurance policy and are taking the appropriate steps to protect their future from mother nature.
The most important type of insurance for Florida residents to have right now is flood insurance. Luckily, residents seem to be getting the message. The National Flood Insurance Program has 1.7 million Florida policies and OIR reports that private carriers have written more than 62,000 personal primary flood insurance policies since 2017.
The future of Florida is one that includes frequent and severe hurricanes. If you live there, it’s important to take the time to make sure that you have the proper insurance coverage. To learn more about your current policy, or to inquire about a new one, reach out to TGS Insurance at www.tgsinsurance.com.