Florida is suffering a similar problem caused by different reasons.
So many people are moving to Florida and many of them want to live as close to the ocean as their finances allow.
End result is they are building on what at one point was swamp land, so when a hurricane hits which is inevitable in Florida, it tears up many more homes than 50 years ago.
The property insurance rates in Florida have skyrocketed and a couple of companies have left.
Getting what they voted for.
>>The property insurance rates in Florida have skyrocketed and a couple of companies have left.
Much more than a couple have left.
“Between 2013 and 2020, Florida’s property insurers paid out $15 billion in claims costs. Only 8% percent of that was paid to consumers, while 71% was paid to attorneys.”
https://www.abcactionnews.com/news/price-of-paradise/roof-repair-scams-push-florida-insurers
“’Let’s just give an example, $100,000 settlement $70,000 is going to the attorney, and maybe the other $30,000 is going to the roofing contractor. The policyholder is not even involved,’ Friedlander said. ‘So what may be just, say a $5,000 to $10,000 repair to a roof could run well into six figures.’”
It's the same with north carolina/ Myrtle Beach area. They are filling in swamps, places you couldn't walk thru after a moderate rain. Building slab homes. And LOTS of them, 10'S OF 1000'S of new homes built on swamp.
OTOH, another point....They must drive different in N.J. ,N.Y., Connecticut. because rear ending people at stop lights, driving 15-25 mph over the speed limit, driving off the road in broad daylight, hard braking to let someone out of a dollar general parking lot and getting rear ended, is the norm here.
and all while talking on the phone. and as an extra bonus most are over 70.
wish I had a dollar for every accident I've seen where the driver is out of the car and still is yapping on the phone on the side of the road!
seriously, the Leo's around here need to start stopping the old lady drivers who are phone googlers/ phone yappers/ and general head up your ass drivers.
If I were to live in Florida I’d want to be maybe 5 or 10 miles inland.
Concrete block walls and poured concrete columns every 20 feet with roof trusses locked into the columns and walls.
South Florida homes built in the 1950s and 1960s NEVER had structural damage after a hurricane - only broken windows and falling tree damage, and on rare occasions water damage.
Sometime in the 1970s the code was changed and entire subdivisions of stick framed houses were built in western Dade, Broward, and Palm Beach counties.
Long time residents were in shock when hurricanes in the 1970s and 1980s flattened thousands of homes in areas that were sometimes five miles inland from the coast.
And then there is Miami.
In Miami, there are literally countless residential and business structures literally within a few feet of not only the ocean but all kinds of waterways. A hurricane driven storm surge of less than a mere five feet will have water flooding all these structures.
Dade county was the leader in the development of extreme hurricane building codes that are primarily protection from wind related damages. The stringent codes do nothing to protect a multimillion dollar residential property that lies a mere 17 feet and two feet in elevation from a river or canal.
It boils down to the fact that the risk in Miami is in fact uninsurable
Miami has been ever so lucky in that the hurricanes have come up the Gulf side of the Florida peninsula. But....... lucks gonna run out and the damage will literally bankrupt all the insurors
I have the inside info-the insurance commission in CA will not allow the much needed rate increases due to the cost of repair so many insurance companies are pulling out. SF is also regulating which auto policies they are letting in