New York — As it hits the disaster-prone Sunshine State, Hurricane Idalia could be a litmus test for Florida’s increasingly volatile and expensive insurance landscape. Despite several insurance companies exiting Florida, experts say the state’s residents are still mostly covered this hurricane season. “Florida’s property insurance market remains very volatile, but the insurance industry is well-capitalized to pay Idalia claims,” he added. Enrollment in flood insurance has seen a steady uptick every month since October 2022, according to the latest FEMA data. While Florida has the highest flood insurance enrollment rate of any state, Friedlander said only 18% have flood insurance through either federal or private insurers.

Source: CNN August 30, 2023 13:33 UTC