2024 Tropical Weather Thread
Absolutely catastrophic.
@
efil4stnias, I assume insurance is a thing of the past now, right?
Well actually this entire issue in the Carolinas etc is flood. And the "insurer" is none other than the Federal Government ....National Flood Insurance Program. ( which actually has to be "authorized " every year so when you hear about Congress holding up CRs or Budget, part of that is funding for NFIP)
So I wouldn't have a clue who had Flood coverage in/around Asheville, Boone and all the other cities and towns that were inundated, but I truly hope many did.
As for "coastal" areas, yes we are continually moving toward a point where the cost of coverage will make everyone think about purchasing (with wind) or not. We are somewhat there now, but still relatively available.
An associate quoted a Builders Risk in New Orleans ...$750,000 building and the only taker was LA Citizens...$28,000.
3 years ago that cost was closer to $7500.
And we now have had 2 canes make landfall once in GoM. Possibly a 3rd next week. This will not bode well for companies contemplating reduced rates, new entries to market or existing companies increasing appetite ( we call it capacity ) in areas in dire need of lower pricing.