Florida Real Estate Bounces Back After Irma

The most powerful hurricane ever recorded over the Atlantic made landfall in Florida in September 2017, giving homeowners there a stark reminder that every so often conditions in the Sunshine State momentarily turn treacherous.

The statistics surrounding Hurricane Irma, a category 5 storm when it first hit the state’s south-west corner, are alarming – wind speeds of 140-plus miles per hour, evacuation plans for more than six million and insurance claims worth over $5-billion from nearly 800,000 affected property-owners (State Office of Insurance Regulation, as of end of October 2017).

But Florida is accustomed to hurricanes – Irma is hardly the first and won’t be the last – and its residents are well versed in protecting themselves and their homes. Reassuringly, the state-wide building code there, implemented in the early 2000s and constantly updated, has made a significant difference to reducing both storm damage to buildings and injuries to occupants.

Florida has the strictest building code in the country. Most damage caused by hurricane Irma was either natural debris, such as trees, or poorly secured pool cages or shingle tiles from older properties. Unlike inland areas, Naples and the southwest of Florida were hit especially hard in September, due to topographical reasons.

Inevitably, Irma caused a blip in sales and new listings in Florida’s property market in September 2017. Now though there is no reason to delay your search for a Florida property – for peace of mind, be sure that properties you consider are built to storm-proof standards and are not in a flood zone and when you do buy, get adequate hurricane and/or flood insurance.

To learn more about investing in Florida real estate, contact a member of the 9 Core Realty Team.

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