Hurricane Ian is a reminder for all homeowners to check their insurance coverage for natural disasters

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Hurricane Ian is a reminder for all homeowners to check their insurance coverage for natural disasters - CNBC

Quick Summary:

FEMA recently implemented Risk Rating 2.0, an actuarially sound approach to better assess individual flood risk, which has caused premiums to rise for some homeowners and fall for others.

It's worth noting that before Ian made landfall, the home insurance market in Florida was in turmoil due to rampant roof replacement claim schemes and excessive litigation filed against property insurers, said Mark Friedlander, spokesman for the Insurance Information Institute.

For instance, after 2017′s Hurricane Harvey, which dumped as much as 60 inches of rain in some spots in Texas, the average FEMA grant for individuals was $7,000, while the average claim through the National Flood Insurance Program was more than $100,000.