The Insured Value of Florida’s Shoreline Property is $2.8 Trillion
By: Tracey Lowe
Florida is home to 1,350 miles of beaches and pristine coastline that draw residents and visitors from all over the world. But beyond the expansive surf of the Atlantic Ocean and the radiant seas of the Gulf of Mexico, lies inherent risk for property damage. The current insured value of Florida’s shoreline is $2.8 trillion, which is 79 percent of the state’s total insured property exposure. If a hurricane or natural disaster were to strike Florida, the economic damage could be catastrophic.
The population of Florida’s coastal regions has quadrupled over the past 50 years, growing by 10 million people. As more and more people move to Florida’s shoreline communities, a comprehensive and stable insurance market is needed or Floridians will continue to carry the risk.
To learn more about the issues facing insurers, business leaders and consumers, attend the Florida Chamber of Commerce Insurance Summit on October 26-28, in Orlando.