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With Hurricane Season Looming, Florida Faces an Insurance Meltdown

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With Hurricane Season Looming, Florida Faces an Insurance Meltdown



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When it was time for Winter Garden, Fla., retiree Sue Maher, 69, to renew her homeowners insurance this year, her carrier informed her that it was hiking her annual premium, already at $3,800, by $2,000. “I kind of freaked out when I got the letter,” she says.

She isn’t the only Floridian reeling from costly insurance. The average homeowners insurance premium in Florida has increased 100% over the past three years, and the average cost is approximately $6,000—more than triple the national average, says the Insurance Information Institute. Florida homeowners may see average premiums reach $9,000 next year. Experts say insurance for properties near the coast can easily top $100,000.

Rank Year Number of Billion-Dollar Disasters Estimated Cost in Billions of Dollars
1 2017 19 $381
2 2022 18 176
3 2021 20 165
4 2020 22 117
5 2018 16 112
6 2011 18 94.5

*Adjusted for the CPI

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Source: National Centers for Environmental Information

Climate change and a uniquely litigious environment have made Florida a costly state for insurers to do business in. So costly that this summer, Farmers Insurance, one of the U.S.’s biggest property and casualty insurers, said it was pulling out.

Rank Year / Hurricane Estimated Insurance Loss in Billions of 2022 Dollars
1 2005 / Katrina $99
2 2022 / Ian* 53
3 2021 / Ida 39
4 2012 / Sandy* 39
5 2017 / Harvey 36
6 2017 / Irma* 36
7 2017 / Maria 36
8 1992 / Andrew* 34
9 2008 / Ike 25
10 2005 / Wilma* 16

*Hurricanes hitting Florida

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Source: Aon

State lawmakers passed legislation in December to curb the number of lawsuits. But with a backlog of thousands of cases, it may take 18 months or more before benefits are apparent, analysts say. In the meantime, risks including climate change are looming. Florida waters have broken temperature records. Some meteorologists have revised forecasts to predict above-average hurricane activity this year. Another bad storm year could send rates higher, prompt more carriers to exit, and push small carriers into insolvency.

Last Week

Markets

Consumer confidence neared prepandemic levels, home prices rose, and UPS appeared to dodge a strike. Expectations were high that the Federal Reserve would raise again—and it did, another quarter point. Chair Powell said the Fed staff was no longer forecasting recession, which sent stocks up, including the Dow industrials for a 13th straight session. The kicker: Second-quarter GDP rose to 2.4%, rattling investors and killing the win streak. On the week, the


Dow Jones Industrial Average

rose 0.66%, the

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S&P 500

1%, and the


Nasdaq Composite

2%.

Companies

Alphabet

and

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Microsoft

beat expectations, and both forecast more spending on artificial intelligence. Snap got crushed by a sales slump;

Meta Platforms

beat on revived ad sales.

General Electric

and

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Coca-Cola

both beat.

Deals

Elon Musk replaced Twitter’s blue bird logo with an X. Now he has to provide services beyond just tweets…Banc of California agreed to buy

PacWest Bancorp

for just over $1 billion. Warburg Pincus and Centerbridge will invest $400 million into the deal…The Financial Times reported that the Committee on Foreign Investment in the U.S. is reviewing the UAE’s sovereign-wealth fund Mubadala’s $3 billion takeover of Fortress Investment Group. The concern: Mubadala’s China ties…Biogen said it was buying

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Reata Pharmaceuticals

for $7.3 billion, a 59% premium.

Next Week

Tuesday 8/1

Merck and

Pfizer

headline a bevy of large-cap pharmaceutical and healthcare companies reporting results.

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Vertex Pharmaceuticals

also reports on Tuesday, with

CVS Health

and

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Humana

on deck for Wednesday.

Amgen
,

Gilead Sciences
,
and

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Regeneron Pharmaceuticals

round out the week on Thursday.

The BLS releases the Job Openings and Labor Turnover Survey. Consensus estimate is for 9.7 million job openings on the last business day of June, slightly less than in May. Fed Chairman Jerome Powell reiterated this past week that “labor demand still substantially exceeds the supply of available workers.”

Thursday 8/3

Amazon.com

and

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Apple

release earnings after the market close. Shares of both companies are up more than 50% this year, with Apple recently hitting a record high.

Friday 8/4

The BLS releases the jobs report for July. Economists forecast a gain of 200,000 for nonfarm payrolls, 9,000 less than in June. The unemployment rate is expected to remain unchanged at a historically low 3.6%.

Write to Andrew Welsch at andrew.welsch@barrons.com



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Florida

How 80-year-old crosswording juror caused a mistrial in Florida Home depot murder case

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How 80-year-old crosswording juror caused a mistrial in Florida Home depot murder case


A Florida judge has granted the defense team’s motion for a mistrial in the Home Depot murder case because of an “unhinged juror.” 

After more than five hours of deliberations earlier this week, an Escambia County judge called a mistrial for Shelia Agee, who is accused of helping her son kill the mother of his child at a Pensacola Home Depot store last year. 

“A particular juror has not treated this case during the evidence with the seriousness that they should have, that has apparently continued during deliberations,” Judge Coleman Robinson told WKRG.

The problems reportedly began when juror Sallie Sue Smith was caught with a crossword puzzle during testimony, according to WEAR News 3.

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MOTHER CHARGED AFTER ‘INCOMPREHENSIBLE’ TEXTS REVEAL SHE HELPED SON PLAN DEADLY FLORIDA SHOOTING: POLICE

Keith Agee, 20, and his mother, Sheila, were allegedly texting about his plans to kill Brooklyn Sims at The Home Depot in Pensacola. (Escambia County Sheriff’s Office)

On Tuesday, Smith was found working on a crossword puzzle during witness testimony. The next day, she was found using another crossword puzzle during deliberation.

Smith told WEAR News that the puzzle “helped her focus,” and denied any threatening behavior in the jury room.

“It was me,” Smith told WEAR News. “Well, I didn’t know it was a bad thing. I do that when I concentrate and I’m listening. You couldn’t see the bench or witness stand very well cause it was dark. But I could hear it… That’s just the way I do. I just do that and I had no idea and then when they told me I wasn’t supposed to do it, I stopped. And then, today, when I went into the jury room, I had another crossword puzzle.”

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Other jurors also later shared concerns about their safety during deliberations with Judge Robinson. 

GEORGIA SENATOR SEEKS DEATH PENALTY FOR LAKEN RILEY’S KILLER, CALLS ON ATTORNEY GENERAL TO STEP IN

Sheila Agee mugshot

Sheila Agee, 50, is facing charges in the shooting death of 18-year-old Brooklyn Sims after allegedly helping her son plan the attack. (Washington County Jail)

“It is just a single piece of paper with a crossword puzzle printed on one side and not sure what’s on the other side,” said Robinson. “…I cannot ever recall a juror doing a crossword puzzle during a trial.”

Judge Robinson later questioned each juror, calling them in, one by one, and asked if they felt safe to continue after concerns were relayed to him by security. 

Nearly 20 witnesses took the stand, while it took prosecutors less than two days to rest their case against Agee. However, due to the jury’s issues, the trial was “hindered beyond repair.” 

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Smith didn’t say what her decision was on a verdict, but denied any threatening behavior to WEAR News.

“We retired to the jury room and started to deliberate,” Smith said. “It became obvious to me right away that I was in the minority of one versus 11 other people… At first, it started out reasonable. A lot of shouting, and I can shout, too.”

“I do have a loud voice, but I was being shouted down by a lot of people,” Smith added.

KILLER MOM SUSAN SMITH DENIED PAROLE 30 YEARS AFTER DROWNING SONS

Keith Agee mugshot

Keith Agee, 20, is charged with homicide and aggravated battery in the shooting death of 18-year-old Brooklyn Sims. (Escambia County Jail)

Agee, 51, was charged with principal to first-degree premeditated murder after police discovered text messages allegedly showing her help plan the shooting death of the mother of her son’s child, 18-year-old Brooklyn Sims, who was also Sheila’s co-worker.

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Her son, Keith Agee, 20, was arrested by the Escambia County Sheriff’s Office in connection with the deadly Aug. 11, 2023 shooting of Sims.

“According to text messages, it’s clear that Keith Agee’s mother, Sheila Agee, knew and participated in the plan to kill Brooklyn Sims. Additionally, text messages between mother and son highlight the mother’s involvement in helping locate the victim,” the ECSO previously wrote on Facebook.

CLICK HERE TO GET THE FOX NEWS APP

The department released the alleged text messages between the mother and son on its Facebook page, claiming they took place right before Sims was shot and killed.

“The murder itself is unbelievable, but to know the mother knew about it and helped coordinate it is incomprehensible,” Sheriff Chip Simmons said previously via Facebook.

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The case is expected to be back in court on Feb. 5.

“Another jury will have to come back and listen to the evidence in front of another jury where hopefully, those certain members will follow common sense, will follow the law, will treat their fellow jurors with decency and appropriateness. And will reach a verdict, whatever that may be, that is a fair and just verdict for both sides,” Robinson said.

Fox News Digital’s Elizabeth Pritchett contributed to this report. 



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Florida

Snowcat Ridge returns with Florida’s winter wonderland for holiday season

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Snowcat Ridge returns with Florida’s winter wonderland for holiday season


Looking for a winter wonderland that isn’t too far from home? Snowcat Ridge in Dade City officially opens for the season on Friday. 

Despite the state’s tropical landscape, Snowcat Ridge brings a unique alpine snow park and gives visitors a chance to experience snow and winter activities without leaving Florida. 

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The park’s centerpiece is a massive 60-foot-tall snow tubing hill with runs extending up to 400 feet, where families can zoom down on tubes while surrounded by snow. 

READ: Top destinations people dream of traveling to for the holidays

“So this year, what we really wanted to do was focus on what people said they enjoy most—the Christmas aspects of the park. So I said, ‘okay, let’s really do the Christmas thing,’” said Winston McDaniel with Snowcat Ridge. 

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Guests can also build snowmen, create snow angels and engage in snowball play inside the park’s 10,000-square-foot Arctic Igloo. The facility also has cutting edge snow-making technology to maintain snowy conditions. 

There’s also a cozy lodge for guests to grab hot chocolate and winter treats. 

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“It’s just about really doubling down on what it means to spend family time here at Christmas,” said McDaniel. 

MORE: After 112 years, ‘Operation Santa’ still accepting letters

In the evening, the slopes at Snowcat Ridge transform into a colorful LED light display, illuminating the snow and creating an unforgettable atmosphere for guests. 

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For more information on the park and its hours of operation, visit snowcatridge.com. 

WATCH FOX 13 NEWS: 

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Florida man charged with plotting to bomb New York Stock Exchange

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Florida man charged with plotting to bomb New York Stock Exchange


Florida man charged with plotting to bomb New York Stock Exchange – CBS Chicago

Watch CBS News


Harun Abdul-Malik Yenner, 30, told undercover FBI agents he wanted “reboot the U.S. government.”

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