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Florida’s Insurance Industry Well Prepared for Hurricane Season

In Florida, Insurance, Insurance Industry, Natural Disasters on July 8, 2014 at 1:32

Florida has made it to its eighth year being hurricane-free which leaves room to rejoice considering Florida’s size and geographical position reaching into the warm waters of the Atlantic creates a risky spot for hurricanes to form. Despite the high risk location, the condo market is booming.

More than 200 new residential towers near the Atlantic waters have been anticipated for South Florida since 2011. Since then, nearly 50 new high-rises have been built, some already completed. The increase in condos along the coast illustrates the insatiable appetite for coastal living.

This year Florida supposedly is benefiting  from an El Nino weather patterns which forecasters believe will produce a below average number of storms. However, precautions still must be taken since forecasters believe that one large storm can make for a disastrous season.

Almost 80 percent of Florida’s residential and commercial property valued around $3 trillion – lies in susceptible coastal areas. Since Florida has not had a major hurricane since Wilma in 2005, Florida’s Hurricane Catastrophe Fund has collected $13 billion.

To read more on insurance policies and precautions click here. 

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