If you live in a Hurricane zone, best you can do is build to withstand a hurricane. And if you want to afford the insurance, start a sheetrock company because once that gets wet in a house it all has to be torn out and replaced.
As I said to another poster, of all the people moving to Florida, a sizeable percentage want to live as close to the ocean as their finances allow, often times their house is built on land that at one time was a swamp, it’s only natural when a hurricane comes thru the house gets destroyed.
I could see some type of hybrid insurance market emerging, the closer you live to the ocean the higher price you pay and the amount of coverage you can get gets reduced.
Those living on the oceanfront get no insurance for hurricane caused damage because they are likely self-insured, as you move inland and in the center of the state where your risk is significantly lower, you can get more insurance at a lesser cost, etc.
Right now, people living in the center of Florida who have very little risk of hurricane damage are subsidizing those homeowners who choose to live on or near the ocean and have a much higher risk of hurricane damage.
I could see a future where if you live within a mile of the ocean, you can’t get insurance unless you pay a fortune and even then, it might not happen, compared to those living inland who can get insurance at a reasonable price.
As I said to another poster, of all the people moving to Florida, a sizeable percentage want to live as close to the ocean as their finances allow, often times their house is built on land that at one time was a swamp, it’s only natural when a hurricane comes thru the house gets destroyed.
I could see some type of hybrid insurance market emerging, the closer you live to the ocean the higher price you pay and the amount of coverage you can get gets reduced.
Those living on the oceanfront get no insurance for hurricane caused damage because they are likely self-insured, as you move inland and in the center of the state where your risk is significantly lower, you can get more insurance at a lesser cost, etc.
Right now, people living in the center of Florida who have very little risk of hurricane damage are subsidizing those homeowners who choose to live on or near the ocean and have a much higher risk of hurricane damage.
I could see a future where if you live within a mile of the ocean, you can’t get insurance unless you pay a fortune and even then, it might not happen, compared to those living inland who can get insurance at a reasonable price.
One of the guys in my office has a seasonal cottage in Wells, ME. It flooded two weeks ago in the coastal storm they had. It had salt water in it 5’ deep. It only sits about two feet off the ground. He has flood insurance. At minimum it needs to be gutted and rebuilt. He might have to raise it up. Which means tearing it down and start from scratch.
He is now talking about the different options he has in rebuilding. I told him that his insurance is going to double at least.