How Helene will impact Florida's insurance market

Zoom in: Large-scale wind damage from hurricanes, not flood damage, is what can drive up premiums. And much of the damage reported from Helene so far appears to have come from storm surge.

What they're saying: "If you didn't carry flood insurance," Florida's CFO Jimmy Patronis told WPTV last week, "you may not have a place to stake a claim."

• Most flood policies are provided through the federal National Flood Insurance Program rather than private insurers, the Tampa Bay Times reported.
• Since few Floridians have this coverage, much of the damage could be uninsured.

Between the lines: Homeowners insurance typically covers damage from fire, hail, windstorms and burst pipes, according to the Florida Office of Insurance Regulation.

The big picture: Helene is considered a "moderate loss event," Mark Friedlander from the Insurance Information Institute tells Axios. "It's not going to be devastating for the Florida insurance industry."

By the numbers: Friedlander says Helene losses are estimated to be about $1 to $2 billion in total, which is significantly lower than those reported after Hurricane Ian in 2022 and Hurricane Michael in 2018.