Hurricanes Helene and Milton cause massive damage in October 2024
- Hurricanes Helene and Milton caused extensive damage in the U.S., leading to recovery costs estimated in the tens of billions.
- A significant portion of the damage is attributed to flooding, which is typically not covered by standard homeowners insurance.
- Residents are facing rising premiums and limited insurance availability, urging them to consider comprehensive policies as climate-related risks continue to escalate.
In the wake of Hurricanes Helene and Milton, which occurred recently, the U.S. is dealing with extensive damage estimated to cost tens of billions of dollars in repairs. Cleanup crews are actively assessing the destruction caused by the storms, especially noting that much of the damage, particularly from Hurricane Helene, was due to flooding. This type of damage typically is not covered by standard homeowners insurance, leaving many affected homeowners vulnerable to high repair costs. As a result, insurance companies are raising premiums and limiting the availability of policies in high-risk areas to mitigate their financial exposure. This trend is exacerbated by a general increase in repair costs and the ongoing threat of climate change, leading to predictions of rising property insurance costs in the future. Residents in affected areas, like Barbara Stewart in Florida, are adapting to these changes and are now more aware of the importance of investing in comprehensive insurance policies to protect their properties in the face of natural disasters.