Residents of Florida were hit by two major hurricanes over a very short period this fall as Hurricane Ian caused an estimated $50-$70 billion in insured losses in late September, followed by Hurricane Nicole, which traveled a similar path in early November and caused almost a half a billion dollars in losses.
Before the hurricanes, supply chain issues affected construction across the country. However, the storms exacerbated those issues in Florida, affecting labor, lumber, concrete, plumbing and electrical supplies, to name a few factors. A recent report from CoreLogic found that costs for some supplies like lumber and plywood have leveled off or begun to drop, while prices for other construction products are still increasing.
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Patricia L. Harman
Patricia L. Harman is the editor-in-chief of Claims magazine, a contributing editor to PropertyCasualty360.com, and chairs the annual America's Claims Event (ACE), which focuses on providing claims professionals with cutting-edge education and networking opportunities. She covers auto, property & casualty, workers' compensation, fraud, risk and cybersecurity, and is a frequent speaker at insurance industry events. Contact her at [email protected]
