Help for victims of Hurricane Ian exceeded $ 4.5 billion

Florida has seen one of the nation’s most significant migrations since the start of the COVID-19 pandemic, but new residents are learning the hard way that living in a sunny state comes with some downsides, including harsh weather.

FEMA recently reported that Hurricane Ian relief has topped $4.5 billion, highlighting the importance of protecting yourself as a homeowner in Florida. For example, understanding Florida flood insurance incredibly important.

Aftermath of Hurricane Yan

Hurricane Yang arrived in southwest Florida in September. like a category 4 storm. It has already left devastation in the Caribbean, especially in the Cayman Islands, Jamaica and western Cuba. After the hurricane crossed the Florida peninsula, it began to weaken into a tropical storm.

Jan then intensified over the water again, becoming a Category 1 storm as it made landfall near Georgetown, South Carolina.

As a tropical storm, Yan’s maximum winds were 105 mph, making it the strongest September hurricane in that part of the Caribbean since 2007. hour period.

The storm has turned into 4 category September 28, when he was over the Gulf of Mexico. It had a maximum sustained wind speed of 155 mph making it nearly a category 5.

It was the fifth strongest hurricane ever to hit the US and was the first Category 4 storm to hit southwest Florida since 2004 with Charlie.

The storm brought strong winds and rain to the west coast of Florida, as well as terrible storm surges. A 12- to 18-foot storm surge was reported along the southwest coast of Florida, with the city of Fort Myers hit by a 7.26-foot wave. It was a record high.

Help FEMA

More than $4.5 billion in disaster loans, federal grants, and flood insurance premiums were given to Florida as a state and to individual households due to Hurricane Yan. FEMA says it has allocated $871 million to affected households and $503 million to the state for emergency response.

The U.S. Small Business Administration provided $1.42 billion in disaster loans, and the National Flood Insurance Program paid out $1.72 billion in claims to storm survivors.

The Federal Emergency Management Agency (FEMA) is sending disaster relief professionals home to all areas of Florida to help people register for assistance. According to FEMA records, they visited hundreds of thousands of homes.

The National Flood Insurance Program, administered by FEMA, has received more than 45,500 flood insurance claims, and policyholders may be eligible for up to $1,000 in reimbursement for purchases of materials such as plastic sheeting, lumber, and sandbags. Some people may also be eligible for up to $1,000 in storage costs if they moved insured property.

FEMA advises policyholders to file a claim for damages related to flood prevention, whether or not it actually prevented flood damage.

Individuals eligible for unemployment benefits can receive unemployment benefits in the event of a disaster and file a loss of income claim.

Property owners are required to buy flood insurance

Hundreds of thousands of people who own real estate in Florida are required to purchase flood insurance under a precedent-setting bill that was recently approved by the state legislature, making it the first of its kind mandate.

The requirement applies to government facilities, regardless of whether they are located in areas of increased risk of flooding. These insurance plans can cost some homeowners thousands of dollars a year.

The bill was approved two months after Yang caused catastrophic damage to it, and according to reports, almost none of the places where it struck in southwest Florida are immune from flooding.

Proponents of the requirement say it can provide protection for people whose homes have been hit by hurricanes, since flood insurance is not usually included in homeowners’ policies.

Federal lawmakers are struggling to get homeowners across the country to buy flood insurance.

Under federal law, you must have flood insurance in a flood zone if your home is secured by a government-backed mortgage.

However, many people do not comply with this requirement. Less than 4% of US households are insured under the Federal Emergency Management Agency’s (FEMA) National Flood Insurance Program, which is the country’s main provider of flood insurance.

In Florida, the most flood-prone state, only 19% of households have flood insurance.

Seven million households do not have it.

flood insurance claim passed in Florida, was adopted during the special session. Many local insurers have gone bankrupt since 2022 due to mounting losses and significant property damage. This meant that hundreds of thousands of Florida residents were forced to buy policies through Citizens Property Insurance Corp., the government’s insurance company of last resort.

According to the Insurance Information Institute, Florida is the most expensive state in the country for property insurance.

The bill includes provisions the insurance industry has long been fighting for to cut its losses, including one designed to discourage policyholders from filing lawsuits challenging settlement proposals they don’t see as adequate.

Supporters of the new legislation say it will help the state’s insurance companies and homeowners.

The requirement only applies to property owners insured through Citizens Property Insurance, which is the largest insurance company in the state, covering 1.2 million properties.

The requirement is being phased in over four years, starting in April, for people who property in the flood zone.

An insured may avoid a mandate if they cancel their policy with Citizens and instead obtain coverage through an insurer that is part of the private sector.

Another goal of the new requirement is to avoid conflicts between citizens and policyholders over whether hurricane damage is due to strong winds or flooding. Citizens and other insurance companies are notorious for withholding claims after hurricanes because they attribute damage to flooding that is not covered by their policies.

When a Citizens insurer has a flood policy, it is hoped that the new measure will eliminate the litigation that would otherwise follow a claim.