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Florida’s Insurance Crisis: A Warning for the Nation on Climate Change
Florida’s insurance crisis has taken the national stage. Last week the Senate Budget Committee heard testimony from experts and those directly affected on how much climate change is to blame for Florida’s insurance crisis. For homeowners in other parts of the country, the plight of Florida homeowners, who are paying the highest premiums in the country, and their insurance woes (many of the state’s insurance companies are more fragile than they appear) might seem irrelevant. However, the struggles Floridians are experiencing could be indicative of things to come for other homeowners throughout the country.
Senators on the committee were confronted with the reality that the insurance woes experienced by the Sunshine State are likely in other areas.
“In the coming decades, we must prepare for the possibility of more extensive or more extreme hurricanes, and coastal flooding from Texas to New England,” he said. “Florida’s experience is a warning on what we may see in the future in other states,” testified Rade Musulin, an actuary for Finity Consulting.
There is no question extreme weather events will continue and temperatures will rise. The National Oceanic and Atmospheric Administration (NOAA) has forecasted above average hurricane season, naming 17–25 storms in 2024. In 2021…
