Thinking about Relocating to Florida?

Here’s something you might want to check out.

Photo by Estera on Unsplash

Thinking about moving to Florida? It’s easy to see why. The place is beautiful. I lived there for nine years and enjoyed it. I recently moved back to Oklahoma because of among other reasons, a lower cost of living and slower lifestyle. There is, however, a disturbing trend to take into consideration.

One of the biggest drawbacks to life in Florida is the hurricanes. It’s not just the idea of evacuating and recovering from possible losses, it’s the matter of losses being covered. Recently, some victims of Hurrican Ian got an unpleasant surprise. While they thought their losses were covered, their insurance company begged to differ.

Was the damage the result of hurricane winds or floodwaters?

That’s the issue many homeowners debate with their insurance companies after experiencing a loss. It seems that the purchase of flood insurance is declining despite increasing losses due to flood. The obvious reason for this is price. A restructuring of FEMA’s prices for flood insurance has resulted in a spike in prices for flood insurance.

Ironically, an increase in the severity of hurricanes has resulted in more of a need for flood insurance, which is obviously driving up the cost. It’s devastating cycle.