Hurricane Andrew dealt a huge blow to the Florida home insurance market in 1992. The real estate market reeled. Insurers paid out an estimated $16 billion in claims, and home insurance rates in the state doubled in the decade following the disaster. Some coastal regions were hit with larger increases in that time. Flash forward to the 2004 hurricane season. Wave after wave of hurricanes and tropical storms swept across the state, wreaking widespread damage and causing an estimated $20 billion in insured losses. American Red Cross statistics found that about 315,100 residences in Florida were impacted by the four hurricanes in 2004, including single-family homes, mobile homes, apartments and condominiums. Sales of single-family homes dropped 23 percent in September, according to the Florid...
Get Inman via Facebook Messenger
Our top headlines delivered once a day.