Hurricane Milton, which ravaged Florida in October 2024, has been identified as the most financially damaging natural disaster of the year in terms of insured losses. According to a recent analysis by Munich RE, a global leader in insurance and reinsurance, Milton inflicted approximately $25 billion in insured losses, surpassing all other disasters worldwide in 2024.

Disaster Tax Relief Legislation Becomes Florida Law - The new law offers tax relief for some natural disaster victims, allowing them to claim losses without itemizing deductions and removes the AGI threshold.

In October 2024, Hurricane Milton, a Category 4 storm, made landfall in Florida, causing widespread devastation across the state. The Federal Emergency Management Agency (FEMA) played a pivotal role in the response and recovery efforts, deploying resources, coordinating with state and local agencies, and providing financial assistance to affected individuals and communities.