Florida
Hurricane Helene hits Florida homeowners already facing soaring insurance costs
As Hurricane Helene barreled through Florida, the storm’s winds and flooding left a trail of damaged homes in its wake, causing up to an estimated $6 billion in private insurance losses, according to global reinsurance broker Gallagher Re.
As homeowners assess the damage, the storm is again drawing attention to wobbly Florida’s property insurance market. Soaring premiums have squeezed homeowners, who shouldered a 45% increase in insurance rates from 2017 to 2022, according to a recent report from the Florida Policy Project.
The average annual premium for a Florida homeowner is $5,500 — about 140% higher than the average U.S. homeowner’s insurance premium of $2,285, according to Bankrate. The spike in costs sometimes leads people to forego insurance altogether, with some Florida residents telling CBS Miami that they’ve been socked with rates reaching $20,000 per year.
With extreme weather becoming more frequent and destructive due to climate change, homeowners in parts of the U.S. facing mounting risks are likely to see significantly higher insurance costs in the years ahead, according to a June paper from experts at the University of Wisconsin and University of Pennsylvania.
“Property insurance serves as the front line of defense against climate risk for homeowners and real estate investors,” the researchers noted. “By 2053, we estimate that climate-exposed homeowners will be paying $700 higher annual premiums due to increasing wildfire and hurricane risk.”
Separate research from Harvard University, Columbia University and the Federal Reserve found that Florida ranks among the top U.S. states for projected future economic losses linked to climate change.
But insurance industry losses in Florida are affecting property coverage in the present, as well. Traditional insurers have pulled back from offering home policies in the state, especially in its more disaster-prone regions, with the insurer-of-last resort, Citizens Property Insurance Corp., and newer insurers picking up the slack.
At the same time, those insurers are facing higher rates from reinsurance companies, which are financial businesses that offer insurance for insurers. Because insurance companies can get financially flattened by an extreme storm or other catastrophic event, they often turn to reinsurance companies to help mitigate the risk.
“Florida, much more than any other state in the country, is exposed to the global reinsurance market,” Jeff Brandes, founder and president of the Florida Policy Project, told CBS MoneyWatch.
Hurricanes highlight why reinsurers “are very cautious about lowering prices, which definitely impacts Floridians,” Brandes added, while noting that initial damage assessments suggest Helene’s impact on Florida properties appears to be less severe than initially feared.
“If this had shifted a few degrees east and hit Tampa Bay, the damages would be 20 times greater,” he said.
In the meantime, recent reforms to Florida’s insurance market may provide some relief to cost-burdened homeowners. Republican Gov. Ron DeSantis signed a sweeping property insurance bill at the end of 2022 that aims to deter frivolous lawsuits and limit insurer costs.
Although that could help stave off rate increases in the short term, over the longer term Florida homeowners and insurers might be powerless as the planet continues to warm.
“As losses from climate change worsen, the financial stability risks of insurers is likely to become even more pronounced,” noted the researchers from Harvard, Columbia and the Fed. “We are likely to see policymakers face difficult tradeoffs in maintaining affordability, availability and reliability of insurance markets.”
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Florida
South Florida leaders take preventative safety measures after the U.S. and Israel’s attack on Iran
South Florida leaders are taking preventative measures to keep residents safe after the U.S. and Israel launched major strikes on Iran early Saturday morning.
Miami-Dade County mayor Daniella-Levine Cava issued a statement reacting to the military operation that President Trump dubbed on Truth Social as “Operation Epic Fury.”
The statement reads: “The escalating conflict between the United States, Israel, and Iran poses serious risks to regional stability and international safety.”
She goes on to say that her thoughts are “with the people of Israel and the Jewish community here in South Florida who are watching these events with worry and uncertainty.” She also says the Iranian people “deserve peace, safety, dignity, and the freedom to live without repression.”
Of the Trump administration’s decision to launch the military operation, Levine-Cava writes: “Any military action taken without congressional authorization is a dangerous precedent, and we must learn from our nation’s past challenges. What must come next is a serious effort to restore stability and pursue diplomacy, not further violence.”
As for measures she will be taking, she says she asked her Chief of Public Safety to “ensure public safety agencies are aware and ready to activate plans in case of any disruption.”
The Miami-Dade Sheriff Rosie Cordero-Stutz also issued a statement saying that MDSO is “taking immediate security measures by increasing patrols to ensure the safety of our residents.” She said that they have increased security presence around places of worship, cultural centers, and schools.
“Our thoughts and prayers are with the servicemen and women protecting our national security interests around the globe,” Cordero-Stutz wrote.
Aventura Police have also responded to the current situation on X, saying that they are monitoring the “current situation in the Middle East with our local, state, and federal partners.”
They go on to say: “At this time, there are no known or credible threats to the U.S. or Miami-Dade County.” However, they note that in “an abundance of caution,” they will be increasing security in religious facilities and other locations they deem as “sensitive” throughout the city.
The City of Miami Beach also posted its statement to X, saying it is also “closely monitoring the ongoing conflict in the Middle East.” They also note that at this time, there are no known credible threats to the city.
They write: “Out of an abundance of caution, we have increased our uniformed presence at synagogues, schools, and other key locations citywide. We remain in close coordination with our law enforcement partners and leaders within the faith-based community.”
They also urge residents to report any “suspicious or unlawful activity” to call their non-emergency number at 305-673-7901 or, if it is an emergency, call 911.
Other cities’ police departments, such as Bal Harbour, Sunny Isles Beach, and Hallendale Beach, posted on their social media that they will also increase security measures after the U.S.-Israel strikes on Iran.
Florida
Golf roundup: Austin Smotherman plays ‘boring, simple’ to expand lead in Florida
Austin Smotherman will carry a three-stroke lead into the weekend at the Cognizant Classic at The Palm Beaches.
Smotherman followed his opening 62 with a 2-under-par 69 on Friday at PGA National’s Champion Course in Palm Beach Gardens, Fla. That brought him to 11 under, comfortably clear of Taylor Moore, who is in second after his second straight 4-under 67.
Cognizant Classic scoreboard
“Yeah, leading a PGA Tour event, come on, pretty awesome,” Smotherman said.
Smotherman, 31, is in fine position for his first win on the PGA Tour since turning pro a decade ago. He has won three times on the Korn Ferry Tour, including last June.
Afterwards, he credited himself with playing “Austin Smotherman golf.” When asked what that meant, he responded, “as boring and simple as it can be.
“That’s what I want to do out there. I feel like I ball strike it good enough to have that kind of boring golf, a bunch of fairways ideally,” he said.
He suffered three bogeys Friday after a bogey-free opening round, but the key stretch for him after starting on the back nine was between Nos. 17 and 3. He birdied four holes in that stretch, starting with a 54-foot bomb at the par-3 17th hole.
“Anything under par I thought would have been (good) following up a round like yesterday, which was a special one,” he said, “and try not to get too far ahead of myself thinking I’m going to make every long putt I’m looking at, like kind of was the feeling yesterday, and then today I still make a 55-footer on 17.”
Moore overcame a bogey in each half of his round with three birdies on either nine, more than counterbalancing the rough patches to earn his second straight solid score.
“I think very different 67s,” Moore said when comparing his rounds. “I didn’t hit many fairways yesterday, kind of grinded a lot, had a couple chip-ins, which obviously helps. I thought I struck the ball much better today. Drove it in the fairways on the par-5s, I felt like. Yeah, still had a few up-and- downs, obviously, with the tough windy conditions this afternoon, but overall I thought it was solid.”
Canadian A.J. Ewart had the round of the day, a 64 that powered him to 7 under for the week. He’s tied with Colombia’s Nico Echavarria (72), and Joel Dahmen is in fifth at 6 under after a second consecutive 68.
Ewart, who played for nearby Barry University in college, came in with some familiarity.
“We used to come and watch this tournament when I was at school. I think I came up here twice, maybe three times and watched,” Ewart said. “I had never actually played the golf course, but I felt like I knew it just from watching it.”
Irishman Shane Lowry, one of the most recognizable players in the field, is in a large knot for sixth at 5 under after posting a 67. Defending champion Joe Highsmith made the cut on the number at even par.
Notable players who missed the cut included Webb Simpson (1 over), Gary Woodland (2 over), Matt Kuchar (2 over) and Canada’s Adam Hadwin (3 over).
Kim maintains narrow lead in Singapore
Auston Kim maintained a narrow lead over three seasoned competitors with a 3-under-par 69 on Friday at the HSBC Women’s World Championship in Singapore.
Kim carded five birdies and a double-bogey at the par-5 16th hole at Sentosa Golf Club to move to 9-under par, one shot ahead of major champions Minjee Lee of Australia (64 on Friday) and Thailand’s Ariya Jutanugarn (67) and three- time LPGA Tour winner Haeran Ryu of South Korea (68).
Lurking two shots back at 7-under in the no-cut event are Australia’s Hannah Green (66), Denmark’s Nanna Koerstz Madsen (68), Sweden’s Linn Grant (69) and England’s Mimi Rhodes (69).
Kim, an LPGA Tour member since 2024, has been knocking on the door of her first tour win. The American has eight finishes in the top 10 and was the runner-up at the KPMG Women’s PGA Championship last season.
“I think just sticking to my process. I’m trying to earn each shot and win each shot and win each day,” Kim, 25, said of her strategy heading into the weekend. “I can put a hundred percent of my focus into every single shot and try my best to execute each time, I’ll do well.”
Lee soared into contention with an eagle at the par-4 second hole and six birdies in a bogey-free round.
“I think just I holed a few more putts out there,” Lee said of the difference between Friday’s play and her opening-round of 72. “I holed a few long ones and I also holed out for eagle on the second. That always helps the score.”
Jutanugarn had six birdies, including three straight from holes Nos. 5-7, and one bogey.
Ryu collected four birdies in a round free of bogeys, but not free from pain.
“Today, my neck was so bad and I cannot turn it around, it’s so hard, my neck,” Ryu said. “But yeah, golf is not perfect. I just think about it, just hit the fairway and the green. Yeah, that’s good for me. There’s a lot of birdies, and yeah, I’m so happy.”
Angel Yin matched Lee for the low round of the day with a 64 to move into a tie for ninth at 6-under.
Defending champion Lydia Ko of New Zealand (72) remained a 2-under posting four birdies and four bogeys.
World No. 1 Jeeno Thitikul of Thailand is tied for 33rd at 1-under after a round of 70.
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