We have written here before about the dreadful state of the property insurance market in Florida. A proof of concept was definitely not needed, but Hurricane Ian provided it anyhow.
Insured losses from Ian have been estimated at between $28 billion and $47 billion; add uninsured losses and estimates balloon to $70 billion. Wherever they land, the numbers are staggeringly large.
These damages and losses were caused by wind as well as storm surge and flooding. Many of the horrific scenes we’ve seen in photos, destroyed stretches of waterfront and even central Florida communities, are from the force of storm surge and floodwaters.
Regular property insurance policies do not cover those damages; they’re covered by flood insurance -- if the property owner has it. Reports suggest that only a fraction of properties in the areas under Hurricane-Ian evacuation orders actually had flood insurance.