Ian’s destruction may lead to Florida home insurance collapse: Real estate expert

Echo Fine Properties Founder Jeff Lichtenstein joins FOX Weather and discusses how the hurricane may be pushing Florida’s home insurance market into a crisis stage.

Thousands have lost their homes and neighborhoods are underwater – Hurricane Ian could be one of the largest insurance loss events in US history.

This could collapse the Florida property insurance industry. 22 insurers have pulled out of the state in recent years, and 6 or 7 have filed for bankruptcy. Lots of private insurers that just don’t want to insure in Florida thanks to issues such as storms, and legal issues involving roofing claims and water damage. 80% of property insurance claims in the US are from Florida, and with big weather events increasing all the time it’s a huge concern.

However, when we are building back after an event like this – there’s often a lot of new regulations that get put into place such as roofing and impact glass specifications – so this is definitely something to take into consideration also.

Watch the video for a more in-depth analysis of the situation from Jeff!