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real estate expert is sounding the alarm about a looming crisis for future homeowners: skyrocketing home insurance costs due to frequent natural disasters across the US. Ryan Serhant, star of Netflix's Owning Manhattan, warns that buyers in disaster-prone states face unprecedentedly high premiums. He estimates that the total cost of this crisis could reach $34 billion.

    Serhant is particularly concerned about the low number of homeowners with flood insurance - a mere 2-4%. Those who do have it often pay exorbitantly, with annual premiums reaching $1,000 on top of other costs through the National Flood Insurance Program. Insurify data predicts that typical annual premiums will rise to $2,522 by 2024, a six percent increase from last year and a staggering 20 percent hike over two years.

    This surge is driven by escalating natural disasters, insurers pulling out of certain areas, and higher fees for home repairs. Homeowners in Florida already pay the highest premiums, averaging $10,996 annually, which may increase another seven percent this year to $11,759. Louisiana faces the second-highest rates, at $6,354 annually, nearly three times the national average.

    Insurify predicts a 23 percent increase in premiums for Louisiana in 2024, reaching an average of $7,809. The devastating impact of Hurricane Helene has exacerbated this crisis, with over 200 deaths and widespread destruction across six states. As rescuers continue to search for survivors, many wonder if more could have been done to prepare for the storm's arrival.