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Active hurricane season in Florida could have 'detrimental impact' on home insurance

Colorado State University's predictions, which are typically factored into insurance modeling, say Florida has a 75% chance of being impacted by a hurricane this year.
Hurricane Category 6
Posted at 3:10 PM, May 20, 2024

The predictions for Florida's upcoming hurricane season are serious, with numerous storms predicted. It's creating concern over what the season could do to insurance costs for millions of Floridians.

"Large losses would have a detrimental impact on Florida's recovering market," said Mark Friedlander of the Insurance Information Institute. "The overall trend is more activity for the Atlantic Coast versus the Gulf Coast, and Florida with the highest probability of any direct state for direct landfalls."

Hurricane Lee in 2023

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Colorado State University's predictions, which are typically factored into insurance modeling, show Florida with a 75% chance of being impacted by a hurricane. Of course, no one knows exactly where any storm will make landfall or impact, and hurricanes and storms can often remain out at sea.

However, the data does give some pause about how a recovering insurance market will react to a large storm in a highly populated area.

"Large loss events always impact insurance markets, no matter how strong those insurance markets are," Friedlander said. "If you have a heavy volume of loss activity during hurricane season, it's going to change the dynamics."

This story was originally published by Matt Sczesny at Scripps News West Palm Beach.