A real estate expert is warning future homeowners about the “biggest crisis they will face” in the wake of Hurricane Helene that hit Florida and North Carolina.
Ryan Serhant, who currently stars in Netflix’s Owning Manhattan, says a “cost of home insurance” crisis is emerging due to the numerous natural disasters occurring across the country.
The seasoned professional explained that buyers face higher insurance rates than ever in states that are regularly hit by disasters, particularly those that tend to leave properties in ruins.
‘It’s about 34 billion dollars of evil. I think it’s one of the biggest insurance crises we’ll see in a long, long time.
‘What scares me the most is that only two to four percent of homeowners actually have flood insurance.
The seasoned professional explained that buyers face higher insurance rates than ever in states that are regularly hit by disasters, particularly those that tend to leave properties in ruins.
Ryan Serhant, who currently stars in Netflix’s Owning Manhattan, says a “cost of home insurance” crisis is emerging due to the numerous natural disasters occurring across the country.
‘If you get it through the National Flood Insurance Program, it’s $1,000 a year on top of all the other costs. So it’s a farce,” he said on the Varney & Co. talk show.
According to recent data from the insurance comparison platform. ensureThe typical annual premium will increase to $2,522 by the end of 2024, a staggering six percent increase over last year.
This projected increase for 2024 is due to a 20 percent increase over the past two years.
This has been largely driven by escalating natural disasters, the withdrawal of insurers from certain areas – reducing competition – and higher rates for home repairs.
Debris lies on the ground in Asheville’s River Arts District, after flash flooding caused by Hurricane Helene, in Asheville, North Carolina, on October 3.
The typical annual premium will rise to $2,522 by the end of 2024, according to predictions from insurance comparison platform Insurify.
Hundreds of people remain missing and 780,000 homes were left without power almost a week after Helelne made landfall
Rising costs mean that home insurance is becoming increasingly unaffordable for many Americans, and as a result, some are choosing to forgo coverage altogether.
Florida homeowners already pay the highest coverage premiums in the U.S., averaging $10,996 annually in 2023.
But according to Insurify projections, this will increase another 7 percent this year, raising the typical premium in the state to a whopping $11,759.
Meanwhile, those living in Louisiana currently face the second-highest home insurance rates in the country, at $6,354 a year, nearly three times the national average.
Flood damage damaged a pottery tool business after Hurricane Helene on October 3 in Bat Cave, North Carolina.
At least 200 people died in six states as a result of the powerful hurricane that made landfall as a Category 4
Insurify predicts the state will see the largest increase in premiums in 2024, rising 23 percent to an average of $7,809.
But many predict rates may worsen due to the destruction caused by Hurricane Helene.
The death toll from the disaster has now surpassed 200 as rescuers continue to search for survivors of the storm – the deadliest since Katrina in 2005, which killed more than 1,800 people – that has hit the southeast.
Hundreds of people remain missing and 780,000 homes were left without power almost a week after Helene made landfall as a Category 4 storm last week, while many continue to wonder if more could have been done to sound the alarm about the massive storm before it hit. would explode.
Debris is scattered in the lake after Hurricane Helene, Wednesday, Oct. 2, in Lake Lure.
A mobile home and car along the Swannanoa River after catastrophic flooding caused by Tropical Storm Helene in Swannanoa, North Carolina, on October 3.
After disembarking in Florida, Helene raced through Georgia before drenching the Carolinas and Tennessee with torrential rains.
A small mountain town in North Carolina has been left in ruins; locals describe the community of Swannanoa as “completely erased”.
Over the weekend, estimates of damage from the hurricane ranged from $15 billion to more than $100 billion.