Florida

As historic floodwaters unleashed by Hurricane Helene recede across the U.S. Southeast, the region faces a humanitarian, economic and ecological crisis of staggering scope, with effects likely to last years.

State and federal relief efforts are stepping in to help areas hit by Helene that are not covered by flood insurance.

The new rule will require FEMA to consider climate change's impact on future flood patterns in determining how and sometimes if to build back after flooding. 

With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best Co. Inc.

Assured's controlling vote is "important to investors who were reassured to hear that there would be a large sophisticated party with a significant economic interest in the success of the project," the insurer said.

Greater exposure to climate risks is driving an increase in insurance premiums and decrease in insurance availability.

Homeowners insurance rates in Florida have always been above the national average, but in recent years they have risen to unprecedented levels.

Extreme weather could aggravate growing property insurance pressures on governments.

The volume of active for-sale condo listings in the Sunshine State increased by 40% last month compared to a year earlier, Redfin said.

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Homeowners from Sarasota south to Naples, known for its eight-figure waterfront mansions, are having a tougher time selling their properties, and the buildup in inventory has caused home prices to fall at some of the fastest rates in the nation.

The Florida State Board of Administration Finance Corporation expects to sell at least $1.5 billion of municipal bonds to raise money for the Florida Hurricane Catastrophe Fund, according to a securities filing dated Jan. 19.

Citizens Property Insurance Corp. reported that private insurance companies assumed 650,399 policies from the state's last-resort carrier in 2023.

The Senate Budget Committee, which Whitehouse chairs, is requesting information related to maximum claims Citizens Property Insurance Corp., an insurer of last resort, can pay without having to levy assessments on Florida policyholders.

First Street estimates that 39 million U.S. homes are insured at artificially suppressed prices compared with the risk they actually face. Of those, nearly 6.8 million homes are covered by state-backed "insurer of last resort" policies.

The gap highlights the problem of under-insurance in a state that's the nation's fastest growing and also one of the most vulnerable to impacts of climate change, and where the insurance industry is already under strain.

Warren Buffett's firm ramped up its reinsurance exposure to the state, looking to take advantage of rising prices.

The use of catastrophe models and of sophisticated AI to make coverage decisions are all under debate.

"The main climate factors expected to influence the 2023 Atlantic hurricane activity are the ongoing El Nino and the warm phase of the Atlantic Multi-Decadal Oscillation, including record-warm Atlantic sea surface temperatures," said NOAA's Matthew Rosencrans.

Since 2020, the number of properties it insures has tripled to almost 1.4 million. Citizens estimates it may add another 300,000 by the end of the year