Editorials & Other Articles

Zorro

(16,286 posts) Wed Oct 16, 2024, 02:51 PM Oct 16

Storms Be Damned, Florida Keeps Building in High-Risk Areas

Driving through the mess left behind by the twin hurricanes that slammed Florida, it doesn’t take long to pass a construction site for another batch of new homes. Among them is La Linda Estates, which is being built in a high-risk flood zone on a barrier island near where Milton made landfall.

Florida built 77,000 new properties in high-risk flood areas since 2019, the most in the nation, according to an analysis by climate-modeling firm First Street Foundation for The Wall Street Journal.

The building binge is putting the real-estate industry, and the banks that finance it, on a collision course with insurers.

The new construction is one reason insurance bills for Milton and Helene are expected to be between $40 billion and $75 billion, according to ratings firm Morningstar DBRS. Big payouts from natural disasters are driving insurers to raise raises and pull back on coverage.

https://www.wsj.com/finance/banking/florida-flood-zones-development-0593cdb9?st=gmyEjt&reflink=desktopwebshare_permalink

4 replies

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Storms Be Damned, Florida Keeps Building in High-Risk Areas (Original Post) Zorro Oct 16 OP

Fucking the entire insurance industry across the country. onecaliberal Oct 16 #1

One day, the right storm, w/ all of its evil components, will hit exactly where in FL it needs to hit, and then, WHAM! SWBTATTReg Oct 16 #2

This is maddening. Rebuilding on barriers and high risk areas should require owners to be self insured. Deuxcents Oct 16 #3

You know what, let the MAGA keep moving there, and buying homes in flood zones and Coexist Oct 16 #4

onecaliberal

(35,787 posts)

1. Fucking the entire insurance industry across the country.

Reply to Zorro (Original post)

Wed Oct 16, 2024, 02:53 PM

Oct 16

SWBTATTReg

(24,085 posts)

2. One day, the right storm, w/ all of its evil components, will hit exactly where in FL it needs to hit, and then, WHAM!

Reply to Zorro (Original post)

Wed Oct 16, 2024, 02:56 PM

Oct 16

Kind of like hurricane Andrew south of Miami in 1992.

Deuxcents

(19,694 posts)

3. This is maddening. Rebuilding on barriers and high risk areas should require owners to be self insured.

Reply to Zorro (Original post)

Wed Oct 16, 2024, 03:14 PM

Oct 16

The rest of us should not be subsidizing this selfish risk.

Coexist

(26,202 posts)

4. You know what, let the MAGA keep moving there, and buying homes in flood zones and

Reply to Zorro (Original post)

Wed Oct 16, 2024, 05:42 PM

Oct 16

disaster-prone regions. Let them waste their money, and have their homeowners insurance skyrocket year after year. Let them throw their disposable income into generators and MREs.

I lived there for over 30 years, and I got over it a year ago. They can have it. The summers are far worse than when I first moved there, it's getting more and more unlivable. As it turns redder and redder, it gets more and more expensive.

I used to love it there, but the summers are now never-ending and more brutal year by year.

Just because there is no state tax, doesn't mean it's cheaper there. I moved to WNC and my homeowners insurance and car insurance were cut down to what seemed ridiculously low at the time. I now realize, it's just normal rates. Food is cheaper here. The weather is gorgeous.

I hope MAGA goes broke buying new homes in Florida. They deserve it.

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