Insurance claims for Tropical Storm Idalia, which made historic landfall as a Category 3 hurricane over Florida's Gulf Coast, are set to cost insurers in the state nearly $10 billion.
The Metaverse Institute co-founder Jason Haber discusses the impact Hurricane Idalia could have on Florida's housing market and property value on 'The Claman Countdown.'which made historic landfall over the state’s Gulf Coast as a Category 3 storm, are expected to cost billions of dollars, Reuters reports.
A vehicle drives on a flooded road after the arrival of Hurricane Idalia in Cedar Key, Florida, August 30, 2023.presented a challenge for emergency response crews seeking to attend to trapped residents, and the subsequent costs to insurers added to a challenging year for the industry. Customers may also feel its effects as it could result in higher premiums.
"Historically, what happens when you have these hurricanes is that everyone gets worried about the liability following the hurricane," Thomas Hayes, chairman and managing member of Great Hill Capital LLC in New York, told Reuters.He also said insurers typically raise prices after such natural disasters.
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