My two cents
FEMA estimated damage is calculated in the early stages of disaster recovery and is almost always over estimated, plus as pointed out by other posters represents losses by government agencies for roads, bridges and cleanup none of which are insured losses so the insured risk are much lower than the overall damage total.
IMHO the problem in Florida lies with two aspects of insurance risk.
1. Insurance regulations that heavily favor litigation against insurers resulting in higher losses than normal (e.g. free roof scam).
2. The Florida Legislature needs to amend insurance regulations separating the high risk coastal zones from the normal risk inland areas allowing insurance companies to choose the level of risk and apply the appropriate premium instead of insuring all or none.
I suspect number two will be a difficult sell because of the personal interest of Legislators and their friends.
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