Florida CFO says Hurricane Milton's financial toll could reach $20 billion

Published On Oct 9, 2024, 4:00 AM

Hurricane Milton is projected to hit Florida, potentially causing insured losses between $10 billion and $20 billion, according to Florida's CFO Jimmy Patronis. This storm comes on the heels of previous hurricane damage, and while insurance providers are preparing for the financial impact, property prices and insurance premiums in Florida have already seen significant increases. Following the storm, the state's focus will be on urban search and rescue efforts and potential adjustments to property taxes depending on storm damage.