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I wouldn't pay much for property in Florida knowing the ongoing insurance situation https://www.pnj.com/story/news/2023/04/18/florida-insurance-crisis-why-home

• toomuchtodo 4y ago
  Florida insurance costs were driven up, primarily, by rampant litigation and fraud [1], not climate change. With that said, insurers are starting to price in the realized risk [2]. Assuming built to modern code (post 2002) and elevation above flood and storm surge risk, homes in Florida are resilient to all but the most powerful storms (Cat 4, Cat 5). Of course, code will need to be revisited if housing must resist the occasional 200+ mph storm (primarily roof to wall attachment and roof shape, as well as shutters for doors and windows to resist impact [3] [4]; cinder block/concrete exterior walls are very common but not yet mandatory). [1] https://www.bloomberg.com/news/articles/2022-03-22/fraud-litigation-push-florida-s-home-insurers-into-insolvency https://www.bloomberg.com/news/articles/2022-03-22/fraud-lit... | https://archive.is/Njkww https://archive.is/Njkww [2] https://www.mic.com/impact/climate-change-is-ravaging-florida-so-why-is-everyone-buying-homes-there-82748262 https://www.mic.com/impact/climate-change-is-ravaging-florid... [3] https://www.floir.com/siteDocuments/OIR-B1-1802.pdf https://www.floir.com/siteDocuments/OIR-B1-1802.pdf [4] https://www.cnbc.com/2019/05/21/how-to-build-a-hurricane-resistant-house.html https://www.cnbc.com/2019/05/21/how-to-build-a-hurricane-res... (one of my properties is insured by the state's high risk pool at an elevation 90 ft above sea level)
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