![]() It was projected to make a direct hit on Miami, but six days out, shifted to the west and made landfall near Marco Island. Hurricane Irma, for example, was a best worst-case scenario for the tri-county area. This is due largely to where the storms have made landfall and the re-insurance markets having large sums of capital to deploy. ![]() Subsequently, this tri-county area is Ground Zero for insurance rate fluctuations.įortunately, we’ve seen only slight increases in rates in the last decade, despite an overall increase in the number and severity of hurricanes that have made landfall since 1995. A similar policy written on a high-rise office building in Wisconsin might cost 10 percent of what it costs in Ft. Ground Zero for Hurricanes, Ground Zero for Insurance Ratesīroward, Dade and Palm Beach Counties have some of the highest property insurance rates in the United States. However, given that flooding damage has historically been isolated to less populated, residential areas of Florida, and insurance property rates have remained relatively stable, it’s easy to see how commercial real estate owners, investors and developers with properties in Florida’s most populous cities might be lulled into a false sense of security.Īs flood maps change every couple of years, owners and investors need to consistently assess the risk exposure of their real estate portfolios and stay up-to-date on schedules of commercial real estate insurance. hurricanes hit Florida, and 88 percent of all major hurricane strikes have hit either Florida or Texas. When it comes to flood insurance in Florida, the question shouldn’t be, “Am I in a flood zone?” – It should be, “Which flood zone am I in?” Despite how your property is designated on the FEMA flood zone map, all of Florida is in a flood zone and all owners and investors face exposure from flooding.Īccording to NOAA, 48 percent of all U.S. ![]() If You Live in Florida, You’re in the Flood Zone
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