useapen
2024-10-10 08:19:11 UTC
Florida is no stranger to hurricanes and their costly impacts. But the
rising cost of home insurance seemingly keeps rising, and its
something Ryan Serhant cant ignore.
"It's about $34 billion of bad. It's one of the greatest insurance
crises that we'll see, I think, in a very, very long time," the
SERHANT. CEO, founder and broker said on "Varney & Co." Friday.
Just over one week ago, Hurricane Helene made landfall on the Sunshine
States Big Bend region after intensifying into a catastrophic Category
4 hurricane with winds reaching 140 mph.
Following landfall, millions of customers were without power in
Florida, and outages were also climbing in Georgia and the Carolinas.
Some in the South saw "unsurvivable" storm surge, with the death toll
surpassing 200, FOX Weather reports.
STUNNING STAT SHOWS HOW FEW HELENE VICTIMS HAD FLOOD INSURANCE IN
APPALACHIA
Since 1980, the U.S. has been impacted by 378 weather events that have
caused financial damage of at least $1 billion, the National Oceanic
and Atmospheric Administration (NOAA) reports.
Florida cities such as Hialeah, Miami, Fort Lauderdale, Hollywood and
West Palm Beach all rank high for risk of natural disasters, and pay
some of the highest insurance premiums.
Data released by Insurify, an online insurance comparison website,
showed a households insurance rate surged nearly 20% between 2021 and
2023, with an additional 6% expected before the years end.
Homeowners in Florida and Louisiana faced the highest rates in the
entire country, with increases projected to be around 7% and 23%,
respectively, over the next year.
"What's more frightening to me is that only 2 to 4% of homeowners
actually have flood insurance," Serhant noted. "If you get it through
the National Flood Insurance Program, it's $1,000 a year on top of all
of your other costs. So it's a travesty."
Whats more, Americas real estate market is still in a stalemate,
according to Serhant, even though the Federal Reserve lowered the
benchmark rate to a range of 4.75% to 5%.
"Inventory is up, interest rates are at 20-month lows, but buyers are
still sitting on the sidelines. People are waiting. They want to see if
deals are going to come," the "Owning Manhattan" star explained.
"No one wants to catch a falling knife, but also no one wants to jump
into a speeding car."
Floridas average homeowners insurance rate is estimated to be around
$11,000 per year, but Insurify said that could clock in closer to
$12,000 with proposed rate increases.
https://www.foxbusiness.com/media/ryan-serhant-warns-floridas-
insurance-mess-one-greatest-crises-people-see
rising cost of home insurance seemingly keeps rising, and its
something Ryan Serhant cant ignore.
"It's about $34 billion of bad. It's one of the greatest insurance
crises that we'll see, I think, in a very, very long time," the
SERHANT. CEO, founder and broker said on "Varney & Co." Friday.
Just over one week ago, Hurricane Helene made landfall on the Sunshine
States Big Bend region after intensifying into a catastrophic Category
4 hurricane with winds reaching 140 mph.
Following landfall, millions of customers were without power in
Florida, and outages were also climbing in Georgia and the Carolinas.
Some in the South saw "unsurvivable" storm surge, with the death toll
surpassing 200, FOX Weather reports.
STUNNING STAT SHOWS HOW FEW HELENE VICTIMS HAD FLOOD INSURANCE IN
APPALACHIA
Since 1980, the U.S. has been impacted by 378 weather events that have
caused financial damage of at least $1 billion, the National Oceanic
and Atmospheric Administration (NOAA) reports.
Florida cities such as Hialeah, Miami, Fort Lauderdale, Hollywood and
West Palm Beach all rank high for risk of natural disasters, and pay
some of the highest insurance premiums.
Data released by Insurify, an online insurance comparison website,
showed a households insurance rate surged nearly 20% between 2021 and
2023, with an additional 6% expected before the years end.
Homeowners in Florida and Louisiana faced the highest rates in the
entire country, with increases projected to be around 7% and 23%,
respectively, over the next year.
"What's more frightening to me is that only 2 to 4% of homeowners
actually have flood insurance," Serhant noted. "If you get it through
the National Flood Insurance Program, it's $1,000 a year on top of all
of your other costs. So it's a travesty."
Whats more, Americas real estate market is still in a stalemate,
according to Serhant, even though the Federal Reserve lowered the
benchmark rate to a range of 4.75% to 5%.
"Inventory is up, interest rates are at 20-month lows, but buyers are
still sitting on the sidelines. People are waiting. They want to see if
deals are going to come," the "Owning Manhattan" star explained.
"No one wants to catch a falling knife, but also no one wants to jump
into a speeding car."
Floridas average homeowners insurance rate is estimated to be around
$11,000 per year, but Insurify said that could clock in closer to
$12,000 with proposed rate increases.
https://www.foxbusiness.com/media/ryan-serhant-warns-floridas-
insurance-mess-one-greatest-crises-people-see