The two back-to-back natural disasters are set to put further pressure on Florida's already strained insurance market.
"With Hurricane Milton, insurers' claims teams that may already be taxed after Helene will be under further stress," Betsy Stella, the vice president of carrier management and operations at Insurify, told Newsweek.
She added: "Insurers are hoping that they priced premiums to match this season's risk. However, it will be some time before they will know if that is the case."
"What we do know is the market will be affected by inflated pricing of replacement materials, as well as by storm-chasing contractors, and fraud. All of this will likely drive up claim costs and could increase premiums in the future."
Florida homeowners already pay the highest insurance premiums in the country, on average $11,163 a year, as of July 2024, according to data shared with Newsweek by the virtual insurance company Insurify. The national average premium at this time was $2,435 per year.