Hurricane Debby Could Cause Billions Of Dollars In Damage, Raise Insurance

By Douglas McIntyre  •  August 5, 2024
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Hurricane Beryl caused over $4 billion in damage to Houston. Hurricane Debby, which has hammered parts of the Tampa area, is on its way to Tallahassee and across the Georgia and Caroline coasts. Atlanta will be affected, as will Charlestown, Wilmington, and as far north as Norfolk. As it passes across the Atlantic Ocean again, warm waters will form another intense hurricane, like Beryl did when it crossed the Gulf of Mexico from Mexico to south Texas.

Hurricanes of Debby’s size, which hug the coast and gain strength from warm water, can affect more than one thousand miles of the beach and inland. While they may not do more than $100 million in one place,  Beryl’s total damages could have been as high as $30 billion.

Hurricanes have spread to areas where home insurance has become much more expensive, and real estate prices have dropped. Prices will likely jump as more powerful hurricanes move up the East Coast from Florida.  Some older Americans have already started to lose homes because of the weather.

Condo prices have already started to drop along the Atlantic coast of Florida. Redfin pointed out that  “The average cost of homeowners insurance across Florida increased by about 40% in 2023 alone, according to reports, and homeowners association (HOA) fees are multiplying for many condo buildings.”

Damage threats have caused increases that may match the direct cost of storm damage.

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