Not just in Florida, Hurricane Ian will have a "substantial" impact on commercial and residential property rates.

A quarterly Market Barometer of pricing conditions in the personal and commercial insurance lines was produced by the Dallas-based insurance distribution and underwriting organization. MarketScout noted an overall increase of around 5.3% in the commercial market composite rate and an increase of about 4.6% in the personal lines rate for the third quarter of 2022.

According to MarketScout, commercial rates rose by little over 5.9% in the second quarter, nearly mirroring the first quarter's rate hikes.

More than 222,000 insurance claims have been made in connection with Hurricane Ian, which made landfall in Florida five days ago and caused estimated losses of 1.6 billion as of Tuesday. The numbers are expected to increase with estimates as high as 40 billion.

I think hurricane insurance is not something we want to buy and then never use, but we want to be prepared just in case it is necessary.