The Sunshine Economy: Hurricanes
L'Hermitage One Condominiums on Ocean Boulevard in Ft. Lauderdale is in an enviable location right on the beach. But when a hurricane is brewing, it's on the front lines of the storm.
On Monday's Sunshine Economy, come along as we talk with the building's manager, engineer and residents about their investment in storm preparedness.
In South Florida, we live with the risk of a big storm for six months of the year... every year. Like no place else in the U.S., we know the devastation a hurricane can bring. And the expense to protect ourselves.
Wind, rain and storm surge are risks we take by living here while paying someone else to assume most of the financial risk.
Are years of double digit insurance rate hikes behind us or do Florida homeowners still pay less than they should?
Florida's Insurance Commissioner Kevin McCarty is the most optimistic he has ever been regarding the private insurance market.
Meantime, utility giant Florida Power and Light is spending millions to strengthen the state's electric grid.
FPL President Eric Silagy will talk about how it's investing in its power system with hopes of strengthening it against storms, but going underground doesn't eliminate the risk of power outages when a storm hits.
One feature of a hurricane is that it doesn’t see Florida as a blue state or a red state. A storm doesn’t care if you are Republican or Democrat. Wind damage doesn’t discriminate based on your politics.
But the business of risk in Florida is steeped in politics. We talk with Toluse Olorunnipa who covers the insurance industry from Tallahassee for The Miami Herald.