Property Insurance Premiums Will Skyrocket Hurricane Ian has confirmed what everyone in the industry already knew. The coastal areas of Texas, Florida, Louisiana, Alabama, and Mississippi have the highest risk of loss and destruction of any area on Earth. Current estimated commercial and residential property losses from Hurricane Ian are $30 to $40 billion. Property Insurance companies simply cannot afford these types of losses. They can raise their premiums but then many property owners will self-insure. The insurer of last resort will be the state government and state governments are funded by state citizens. Have you audited your property insurance policy lately? Most private insurance companies will EXCLUDE water damage coverage.