After 8 major hurricanes in 6 years, some Gulf Coast communities are hitting a ‘tipping point’

This story is sourced from CNN

When Hurricane Idalia slammed into Florida Wednesday morning, it became the eighth major hurricane to hit the Gulf Coast in the last six years. And it may not be the last; Atlantic hurricane season hasn’t yet peaked, and the Gulf of Mexico has been historically warm – more energy to fuel more deadly storms. 

But as the tireless work of rebuilding begins in places like hard-hit Pasco County, Idalia’s landfall renews the question of whether it’s appropriate to rebuild in some areas, experts told CNN, and where to do so. 

Human-caused climate change is wreaking havoc on the Gulf Coast, which is already experiencing some of the fastest sea level rise in the world. As the ocean swallows shore, it makes the impacts of storm surge and flooding more dangerous for the communities in these low-lying areas.

To make matters worse, many insurance companies are also pulling out of some Gulf states, leaving homeowners and businesses with more risk and fewer options to finance their recovery in a way that will leave buildings stronger and better able to withstand the next storm. 

“One of the major questions we have going forward is should we rebuild these areas and spend federal and state dollars to continue to rebuild areas that will be hit in the future,” Jesse Keenan, a professor of sustainable real estate at Tulane University’s School of Architecture, told CNN.

Major insurers have largely pulled out of Florida and smaller ones have gone bankrupt – leaving many homeowners with Citizens Property Insurance Corporation – the state’s insurer of last resort. 

There are different factors at play in all three states, but with similar outcomes: As an increasing number of private insurers stop offering flood or wildfire policies or go bankrupt, more people are driven to the state-supported insurer of last resort, where they typically have to pay more money for a narrower policy. 

In Louisiana, for instance, 17% of homeowners insurance policyholders had their policies canceled last year, according to a survey done by Louisiana State University. 

Porter told CNN the fact that Citizens has become the default insurer in Florida “is crazy to think about.”

“Citizens won’t be able to withstand the economic cost” of multiple major storms, he said. Last year’s Hurricane Ian was the costliest storm in Florida state history, and more storms of its magnitude could be a serious blow to the state insurer.