According to a report from Neptune Flood, the firm saw a 4x increase in quotes above its normal volume as of Monday the 26th.
Hurricane Ian made landfall on Wednesday the 28th as a major Category 4 storm with maximum sustained winds of around 155 mph near the Cayo Costa area, bringing widespread flooding, property damage, and power outages.
The NHC warned of severe and life-threatening storm surge inundation of as much as 8 to 10 feet above ground level, with destructive waves ongoing along the southwest coast of Florida.
Neptune Flood’s report suggests, “Homeowners are turning to Neptune and the private market to ensure appropriate coverage for major events like Hurricane Ian, where our limit is up to $4,000,000. The NFIP limit doesn’t even cover the country’s median home price.”
It adds that almost 50% of Neptune’s policy sales this year in Florida were in low-risk zones where flood insurance is not mandatory.
The report notes, “Property owners increasingly want coverage, including low-risk zones. Private is the alternative with higher limits and broader coverage.”
“The National Flood Insurance Program (NFIP) offers a maximum limit of $250,000 in coverage in areas like Tampa Bay where the average home price approaches half a million dollars.”
“The increase in quotes and non-mandatory coverage shows people aren’t relying on the older FEMA maps and using their common sense to protect their home as they are learning that, If it rains, it can flood.”
After hammering the Florida coastline, leaving around two million people without electricity, hurricane Ian is now losing power as it tracks inland and has been downgraded to a category 1 storm, with winds of 75 mph. Broker BMS says that there’s a good chance the loss could be in excess of $20bn.
According to meteorologists, how long the centre of Ian can spin over the Atlantic will determine whether it is able to regain enough wind intensity to become another hurricane as it heads for the border of Georgia and South Carolina.