Hurricane Milton: Floridians Grapple with Insurance Storm After Back-to-Back Hurricanes

With Florida being impacted by eight hurricanes in the past five years, Floridians are now facing a different kind of storm: a financial one. As insurance premiums are higher than storm surge, many residents are left asking the unthinkable—should they stay, or is it time to let go of their homes on the coast?  

Residents of Florida have taken serious precautions such as purchasing flood insurance in preparation for hurricane Milton, as well as paying regular homeowner coverage. However, even with these claims in advance, many have experienced an insurance “nightmare” due to delays and denials on many damage claims. The insurance industry is treating the storms as two distinct events, which means that homeowners who didn’t or couldn’t document damage from Helene, which took place in September 2024, may face an even tougher battle to get their claims approved if they were affected by both storms. For most affected residents, the financial loss from the storms will be devastating. The primary culprit behind the property damage is flooding, and since homeowners’ insurance policies don’t cover flood damage, many will be left with little to no compensation. Early estimates provided by CNBC news states that Hurricane Milton alone could cause a $175 billion in damage.