Horror on the horizon as record number of homeowners gamble on hurricane season

Florida homeowners have set a record high for not taking out flood insurance – despite hurricanes wreaking havoc on the state every year.

Experts told the Daily Mail residents are taking a huge gamble after four major storms have battered the region in the last five years.

But locals have pointed out they can no longer afford the astronomical fees for even the most basic coverage and are forced to ‘brace and pray’.

The blistering winds from the major weather fronts cause chaos but it is often the storm surges from the ocean that destroy thousands of homes.

Hurricanes Ian, Helene, Idalia and Milton battered the Sunshine State, causing more than $60billion in damage from catastrophic flooding.

Now peak hurricane season is hitting again, with another tropical depression in the Atlantic expected to be a major storm by the weekend.

Just under 20 percent of Florida’s 11million homes have some form of flood insurance, according to FEMA.

It is most common along the Gulf and Atlantic coasts, which are usually in the path of the hurricanes.

But in central Florida, only just over six percent of residents have coverage, officials say.

Flooding is not included in homeowners insurance and must be bought separately, which many Americans still do not know.

Mark Friedlander, of the Insurance Information Institute, an association for insurers, tells the Daily Mail residents are passing on flood insurance due to the prices.

He said even people living in X flood zones – low likelihood of flooding – need insurance and estimates just one inch of flood water can cause damage of $25,000.

He continued: ‘Imagine a foot of water in your house and what that’s going to cost you.

‘One out of five homes don’t have flood insurance, so that’s 80 percent that don’t have coverage in Florida.’

He added: ‘Florida is very vulnerable to flooding not just hurricane season, it’s year round. 

‘We have a lot of storms and we’re surrounded by the Atlantic and the Gulf so we have a lot of major storm events.

‘All 67 counties in Florida can flood, it doesn’t matter where you live. If it rains, it can flood.’

While some mortgage lenders in Florida require flood insurance as part of the loan, many do not require insurance at all.

There is also no state law requiring homeowners to purchase flood insurance. One local called the storm news the ‘annual Florida brace and pray.’

They added: ‘Eventually, all the insurance companies will completely leave the state. The premiums are sky high.’

Friedlander says most people in Florida who have flood insurance get it through the FEMA-managed National Flood Insurance Program.

It offers lower, bare bones policies with lower premiums than private insurers. Costs vary depending whether a home is in a high-risk or moderate-to-low-risk flood zone.

The average yearly cost is $850 per year. Private insurance companies in Florida often charge yearly rates starting around $1,500.

Friedlander said: ‘Many people think, I don’t live by the coast. I’ll never see a flood, I don’t need to worry about it. Well, we’ve seen catastrophic flooding across the state.’

Local realtor Jeff Lichtenstein said he knows people who are taking the risk and not buying flood insurance because they think their home is safe.

He said: ‘People are just gambling to an extent, saying nothing’s gonna happen which I think is crazy but we have some people that do that.

‘Just no insurance whatsoever. They don’t want to accept reality. Sometimes you have to burn your hand on the stove to learn.

‘If you haven’t hurricane proofed your home with a generator, impact glass, flood insurance that’s a concern, especially with the older places.’

There are renewed fears over the year’s hurricane season taking a brutal turn, as topical storm Gabrielle looks set to batter the East Coast.