Snowbird insurance likely to climb
MONTREAL — Canadian snowbirds lucky enough to escape property damage from hurricane Irma will still face higher costs as insurance providers jack up premiums and condo associations levy special assessments, say Florida insurance experts.
“We’re probably looking at across-the-board 15%20% increase in property insurance costs over the next year,” says Brad Hubbard, Tampa owner of an insurance agency and an engineering consulting firm specializing in flood risk.
Hubbard said the higher premiums could come from greater insurance losses and reinsurance companies determining there is a statistical increase in the risk that future storms will be more frequent and severe.
Hurricane Irma is expected to be one of the most costly storms in history with losses estimated at $20 billion-$65 billion US, including up to $50 billion in the U.S., according to risk modelling software company AIR Worldwide.