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Category 5 Hurricane Beryl wreaked havoc in the Caribbean last month; overperforming for a storm so early in the season. While this storm spared Florida, the state is likely to be in the crosshairs of several, possibly even stronger, storms in the coming months.
At the risk of sounding particularly alarmist, we aren't ready—or anywhere close to it. The 2023 season included the strongest hurricane to hit Florida's Big Bend region in over a century, leaving behind more than $3 billion worth of damage in its wake. And here's more bad news: Some experts predict the hurricane season now upon us will be particularly hellish—and very expensive for the insurance market. Homeowner insurance policies in the Sunshine State are already among the priciest in the nation due to hurricanes, with policyholders set to potentially pay average annual premiums of $11,759 by the end of 2024.
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