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Large dent in Florida budget could be caused by hurricane

Hurricane Michael, which hit the state of Florida in October of 2018, is likely to have negative budget impacts on the state for at least a few years. Costs for recovery and relief are anticipated to go above the ones needed for Hurricane Irma in 2017. Before the hurricane hit, official projections showed a budget surplus. Financial analysts are new predicting that surplus will disappear as Florida residents try to recover from the disaster.

The Senate Appropriations Chairman has publicly stated that the new constraints on the budget will force the state to be more conservative with its economic policy going forward. The chairman recognized that the storm had enormous negative impact on the panhandle region but emphasized the need to be careful regarding spending and revenue. The hurricane has presented unique challenges due to its impact on mostly rural areas.

One of the reasons the hurricane is expected to have such a negative impact on the budget is the lack of insurance for many of the affected homeowners. With insurance, people make major purchases to rebuild, adding to the sales tax. State officials are anticipating that relief from the federal government will only go so far, and money that is expected may not show up for some years to come.

Homeowners who are having trouble getting their hurricane damage claims fulfilled may have legal recourse. The first step is to consult with an attorney who may be able to examine the situation and recommend viable options. There might be state or federal programs available that can provide the funds needed to rebuild. Going after the insurance company in question may also be a valid strategy. A lawyer may help homeowners stay up to date on all available options.

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