No. of Recommendations: 10
This has been on my mind all day - so I'll get it off my chest by sharing.
I listened to a podcast this morning with the major of Tampa. When asked what she was most concerned about with Milton approaching, she surprised me. I thought for sure it would be the storm surge - with Tampa being at the center of the anticipated hurricane going ashore. Instead she said it was getting the debris from Helene off the streets before Milton hit. The podcast showed residential streets with debris stacked several feet high in front of homes. She said the contractor trucks scheduled to pick it up today didn't show up. She still hoped to get most of it gone before Milton hit.
I imagine a lot of Florida is still like Tampa - lots of debris still on the ground.
I was a resident of the Gulf Coast for over fifty years and have experienced many hurricanes. One of the first things you do is to bring potential flying objects indoors or under shelter. They are a significant source of risk and damage during high winds. Milton is now a level 5 hurricane - the highest rank. It is forecast to drop to a level 3 before landfall, but also to become a much higher diameter hurricane. So this could significantly impact wind damage when it hits.
That worries me - from the impact on citizens - even though it will also impact insurance covered damages.
The insurance industry dodged a major hit when Helene went east of Tallahassee and Atlanta when it went inland. The insured estimates for wind damage are being estimated at $4.5-6.5 billion which isn't that huge a hit. It could have been much worse had these major metro areas been hit by the highest winds. Tampa and adjoining areas will be hit this time.
There are also estimates of circa $10 billion in insured rising water damage - mostly government insured. Rising water damages are guesstimated at $20-30 billion not insured, being mostly inland. They've been hurt hard - as we've all seen on TV.
I haven't seen any estimates of insured business interruption losses. I don't know how much Berkshire subs are involved in this area. But downed power lines and washed out Interstate highways must be having a major impact.
With Milton hitting most of Florida, particularly so soon after Helene, wind damages could be worse.
I once had a lot of family on the west coast of Florida near Cape Canaveral. They've mostly all now past on. But I still feel concern for the citizens of Florida.
No. of Recommendations: 1
I once had a lot of family on the EAST coast of Florida near Cape Canaveral. They've mostly all now past on. But I still feel concern for the citizens of Florid
Sorry for the typo. AOL seems to "help" me when I'm typing - and I don't always catch it.
No. of Recommendations: 4
“ There are also estimates of circa $10 billion in insured rising water damage - mostly government insured. Rising water damages are guesstimated at $20-30 billion not insured, being mostly inland. They've been hurt hard - as we've all seen on TV.
I haven't seen any estimates of insured business interruption losses. I don't know how much Berkshire subs are involved in this area. But downed power lines and washed out Interstate highways must be having a major impact.
With Milton hitting most of Florida, particularly so soon after Helene, wind damages could be worse.”
Thanks & I echo your concerns, esp. growing up in NC and hearing directly from those H.S. friends living there as well as having several very close friends in Tampa, a couple on the water.
FYI-My buddy in Western NC texted me yest:
“Things are slowly getting better. Lots of supplies and volunteers. Biggest challenge is getting to people in the remotest areas. Power getting back on line but the number of roads wash away is going to be a big long term problem.” He thinks the final casualties number will be in the thousands.
On another note, I saw a guest on CNBC today say Avg. National homeowner insurance premiums are up 52% over last 4.5 years, although higher in certain high risk areas of TX, LA, FL where the avg. homeowners per month may be $500. The weaker insurance players may fade away but we know BRK will always be there, if the pricing of risk is appropriate.
In some circumstances don’t we agree to a defined capped risk at the time of some Reinsurance contracts? For instance paying a certain billions in claims After the initial billions have been paid by the primary insurer?
Thanks & our thoughts & prayers go out to all those affected from these disasters.
