Hurricane Debby has caused significant devastation in Florida, resulting in four fatalities and over a foot of rainfall while prompting evacuations due to tornado threats amid extreme heat. The state’s homeowners face a dire insurance crisis, with average annual premiums reaching nearly $11,000, far exceeding the national average, driven by increased storm frequency linked to climate change. The Florida government, led by Governor Ron DeSantis, has been criticized for policies that favor insurance companies, with little relief for residents who struggle with rising costs and limited resources for recovery. The ongoing crisis is exacerbated by a shrinking insurance market, resulting in greater financial risk for property owners and potential impacts on the federal financial system.
Source and Details