“This is the costliest Florida storm since Hurricane Andrew made landfall in 1992 and a record number of homes and properties were lost due to Hurricane Ian’s intense and destructive characteristics,” said Tom Larsen, Associate Vice President, Hazard & Risk Management, CoreLogic. “Hurricane Ian will forever change the real estate industry and city infrastructure. Insurers will go into bankruptcy, homeowners will be forced into delinquency and insurance will become less accessible in regions like Florida.”
With inflation at a 40-year high, interest rates nearing 7%, and labor as well as materials still high in demand, CoreLogic anticipates recovery will be slow and difficult.
