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Will Helene kill the Gulf Coast property insurance market once and for all?
Posted on 9/27/24 at 9:07 am
Posted on 9/27/24 at 9:07 am
This will affect everybody from Miami to Brownsville. There won’t be any companies left to write policies. Why would anyone choose to do so? Florida was already in a bad spot. Now they’re straight fricked.
19
Posted on 9/27/24 at 9:10 am to Slippy
Maybe we can say Helene was a Russian hurricane and then maybe congress will send them hundreds of billions
Posted on 9/27/24 at 9:11 am to Slippy
No and if it does it was just a question of the next FL landfall killing off the insurance industry because this could’ve been 100x worse.
It hit the least populated area in the state where the houses had been rebuilt to S FL storm code.
It hit the least populated area in the state where the houses had been rebuilt to S FL storm code.
Posted on 9/27/24 at 9:12 am to Slippy
Helene won't kill it, but definitely didn't help. Expect more non-admitted carriers to take on the risk, however, it won't be cheap.
Posted on 9/27/24 at 9:12 am to Slippy
It’s not just Florida that this will affect either.
Posted on 9/27/24 at 9:16 am to Michael T. Tiger
quote:
It’s not just Florida that this will affect either.
Exactly. It's not like Florida is the only place in the country that gets damage. If ocean waters continue to rise you'll see more severe Hurricanes hitting up into NYC, New Jersey, all the way up through New England.
And unlike Florida, which is well prepared, and where anything built in the last 25 years is built to withstand major Hurricanes, the Northeast is completely ill equipped to handle it. Just look at Sandy and what it did. And storms like Sandy are going to become more common in the Northeast.
Look at the tornado seasons the last couple of years in Louisiana, Mississippi, Iowa, western Tennessee and western Kentucky. Look at the flooding in parts of Eastern Kentucky and Appalachia, including what's going to happen with this storm.
This storm will probably end up being known more for the flooding it's going to cause in North Carolina, South Carolina, Georgia and Tennessee than it will be for the landfall.
Look at out west where wildfires are becoming a yearly occurrence and a big Earthquake is only a matter of time.
To me the West Coast is far more risky insurance wise than the Gulf Coast.
Posted on 9/27/24 at 9:21 am to tide06
quote:
No and if it does it was just a question of the next FL landfall killing off the insurance industry because this could’ve been 100x worse.
It hit the least populated area in the state where the houses had been rebuilt to S FL storm code.
I also don't think (at least hope it doesn't) it will significantly hurt the Gulf Coast insurance market. And like this poster said, if it does then it was doomed anyway.
This storm missed a lot of Florida. I'm in Orlando and outside of 2 decent bands and 1 minor band, this was a nothing event for Orlando. Just a windy day. Helene had very minor impacts to no impacts on the following areas:
East Central Florida (Orlando, Daytona Beach, Cocoa Beach, Ft. Pierce)
Southeast Florida (Miami, Ft. Lauderdale, West Palm Beach, Jupiter, Port Saint Lucie)
Southwest Florida (Naples, Ft. Myers except right along the beach).
Northeast Florida (Jacksonville, St. Augustine, Palm Coast)
Even in Tampa, most of Tampa was largely spared and even most of Clearwater and St. Pete was largely spared. It was only right along the bay, the beach and some of the inland waterways where there was the strong storm surge.
Helene even semi missed Tallahassee. Tallahassee could've been hit much worse, Never mind the western side of the Panhandle which had no impacts from Helene.
Helene missed all the major population centers and hit the most isolated part of the state. Unfortunately it's also the poorest part of the state, but it means property damage shouldn't be that much. So no this storm shouldn't kill the insurance industry at all. And again the fact that many places fared well shows that the building codes work against these storms.
This post was edited on 9/27/24 at 9:23 am
Posted on 9/27/24 at 9:22 am to MountaineerPatriot
quote:
If ocean waters continue to rise
oops
Posted on 9/27/24 at 9:23 am to MountaineerPatriot
quote:
If ocean waters continue to rise
Posted on 9/27/24 at 9:23 am to MountaineerPatriot
Uhhh holy hyperbole
It’s been 12 years
I’m 36 and have lived in two of these states plus Alabama. Tornados have always been a thing. Sure it’s picked up a little on random years but this isn’t new.
Would help if they were actually proactive in controlled burns and other methods to actually remedy the situation. They don’t and it happens all the time and they still wonder why.
quote:
And storms like Sandy are going to become more common in the Northeast.
It’s been 12 years
quote:
Look at the tornado seasons the last couple of years in Louisiana, Mississippi, Iowa, western Tennessee and western Kentucky
I’m 36 and have lived in two of these states plus Alabama. Tornados have always been a thing. Sure it’s picked up a little on random years but this isn’t new.
quote:
Look at out west where wildfires are becoming a yearly occurrence
Would help if they were actually proactive in controlled burns and other methods to actually remedy the situation. They don’t and it happens all the time and they still wonder why.
Posted on 9/27/24 at 9:23 am to MountaineerPatriot
Keep in mind that a significant portion of claims will be flood related, which has nothing to do with hazard insurance
not to mention, since IDA, homeowners companies clamped down restrictions, raised, deductibles for storms, and raised rates and costestimators
So this will not be the doom of homeowners insurance companies
not to mention, since IDA, homeowners companies clamped down restrictions, raised, deductibles for storms, and raised rates and costestimators
So this will not be the doom of homeowners insurance companies
Posted on 9/27/24 at 9:25 am to MountaineerPatriot
quote:
MountaineerPatriot
New poster, not many posts, has "patriot" in name, starts talking about sea-level rise.... I'm thinking TROLL
Posted on 9/27/24 at 9:28 am to MountaineerPatriot
There is a whole lot of fear in that post.
Posted on 9/27/24 at 9:30 am to Gifman
When people don't ocean tides 
Posted on 9/27/24 at 9:31 am to fr33manator
quote:
Helene was a Russian hurricane and then maybe congress will send them hundreds of billions
They are more likely to blame Trump for the Hurricane
This post was edited on 9/27/24 at 9:32 am
Posted on 9/27/24 at 9:36 am to The Torch
This will be a Federal problem more than Hazard as most claims will be flood.
Posted on 9/27/24 at 9:36 am to windriverwonders
quote:
When people don't ocean tides
He mentioned sea level rise. Where has that happened?
Posted on 9/27/24 at 9:39 am to Slippy
quote:
Will Helene kill the Gulf Coast property insurance market once and for all?
They will write policies just exclude named storms form the policy.
Posted on 9/27/24 at 9:39 am to Cosmo
quote:
If ocean waters continue to rise
It was a typo, I meant to say as long as ocean water continue to heat up. Water levels rising is not as conclusive, but there is no debate the ocean is heating up. It's measurable. The Gulf nowadays is like bath water. The Gulf near Tampa can easily get to 90 degrees. When I first moved to Florida the Gulf would get warm in the summer but not 90 degree warm. Probably more around 85-88.
I also never said humans were causing this change. I do believe the climate is changing, but I think most of it is the natural course of Mother Nature. I'm not arrogant enough to believe humans can change the climate that drastically that fast.
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