FLORIDA, USA — The insurance company State Farm received nearly 59,000 claims and paid out a combined $597 million to customers recovering from hurricanes Ian and Nicole in 2022, the company said in a statement this week.
These numbers come as the insurance market has been crumbling in Florida and as Colorado State University's revised hurricane forecast is predicting a hurricane season that will be more active than average.
Florida homeowners are already paying more for insurance premiums than residents of any other state in the U.S., to the tune of $7,788 every year just on home insurance coverage, according to Insurify.
As some homeowners are seeing their premiums go up, others have been left scrambling to make sure their homes are protected after AAA dropped some of its Florida customers from its plans and Farmers stopped operating in the state altogether. Both companies cited "managing risk and catastrophe exposure" as their reasons for exiting, with numbers like the ones released by State Farm highlighting the expense of covering homes during increasingly severe hurricane seasons.
With the potential for severe storms on the horizon this year, State Farm issued a press release offering tips for Florida customers, including:
- Review your insurance coverage with your agent. Make sure you have the right amount and type of insurance for your property and to protect your loved ones. Homeowners are urged to not wait until after disaster strikes to realize that inflation and increasing economic pressures have impacted the cost to rebuild your home.
- Create a home inventory – you’ll thank yourself. Think about all the things in your house – furniture, electronics, clothing and everything in your drawers and cabinets. It can be difficult to rely on your memory once those items have been destroyed or whisked away by violent weather. That’s why it’s so important to prioritize creating a home inventory before disaster strikes.
- Protect your property. Stock plywood and materials you may need to board up windows. Move garbage cans and other large objects inside the house or garage. Secure boats and cars.
- Have an evacuation plan. Before the hurricane, decide what you will do. Find out the location of evacuation shelters. Determine if you will ride out the storm in your home (if local authorities permit you to stay) or establish a safe place inland. Plan an escape route. Tell relatives where you will be before the storm since communication during and after a natural disaster can be disrupted due to infrastructure damage.
- Put together an emergency kit. The kit should include basics such as water, food, first aid supplies, clothing, blankets and important documents. Store your kit in airtight plastic bags or a plastic storage container with a lid.
- And don't forget to prepare for your furry friends. Being a responsible pet owner means preparing for the unexpected. How a family plans to handle its pets is often overlooked during the planning period, and that leaves some pet owners scrambling during times of stress.