Home insurance costs could surge even higher as states brace for 'hurricane season from hell'
Echo Fine Properties CEO Jeff Lichtenstein speaks with FOX News Digital about the property insurance landscape amid ‘self-inflicted’ policy choices and natural disasters.
Homeowners insurance premiums have been soaring in the U.S. for years, but residents of some coastal states could see rates surge even higher due to expectations that 2024 will be an active year for hurricanes.
Forecasting service WeatherBell Anayltics is predicting a «hurricane season from hell» this year, estimating that five to eight hurricanes will hit the U.S., with three to five expected to be «major» disaster events.
Observers assess the damage after a home partially toppled onto the beach as Hurricane Nicole came ashore on Nov. 10, 2022 in Daytona Beach, Florida. Florida is the most hurricane-prone state in the U.S. (Photo by Joe Raedle/Getty Images / Getty Images)
Insurance comparison website Insurify pointed to that predication in a recent report and added its own data indicating how home insurance premiums could be impacted in hurricane-prone states.
«If there’s a surge in the number and intensity of hurricanes, insurance companies would face higher payouts for property damage, business interruption, and other related claims,» said Jacob Gee, an insurance agent, quality assurance specialist, and knowledge facilitator with Insurify. «This would likely lead insurers to reassess their risk models and adjust insurance rates accordingly.»
HOMEOWNERS INSURANCE PREMIUMS RISING AMID MOUNTING WEATHER-RELATED LOSSES, INFLATION: REPORT
Insurify said that five of the 10 most expensive states for home insurance — Florida, Louisiana, Texas, Mississippi and Alabama — are most vulnerable to being hit by a hurricane this season, and they took that into
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