Why Home Insurance in Florida Is a Mess

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Hello, and welcome another episode of the Odd Lots podcast. I'm Tracy Alloway. And

I'm Joe Wasenthal.

Joe, we need to do more on insurance.

Yeah. Absolutely. So we are recording this October 18th. In the last several weeks, we've had 2 extraordinary storms. The second one, Milton that aimed directly at Florida near Tampa Bay was not as bad as people thought even a few hours before landfall, which people thought it was just gonna be tremendously catastrophic potentially. However, it was obviously still quite damaging. And once again, the question of hurricane risk, storm risk, these certain flood prone markets, who's going to pay for them, all of these things continues to be a source of, I would say, rising anxiety regardless of wh

Yeah. Absolutely. And you've seen estimates flying around for how much this is gonna cost the insurers, but I think there was one that said as much as 55,000,000,000 from those two storms, so big numbers here. And, obviously, people who live in those areas have been talking for a long time about how their insurance premiums are already going up a lot, and certain areas of the country are perhaps becoming unaffordable, or maybe you can't find insurance for a property on the coast of Florida anymore, or if you do, you have to go to the state insurance body rather than a private entity. And I thi