By Ben Mattlin
COVER STORY
Is The Dream Of A Florida Retirement Over ?
Advisors assess the aftermath of recent hurricanes on America ’ s favorite retirement destination .
By Ben Mattlin
This fall , in the span of two terrible weeks , Hurricanes Helene and Milton battered Florida with more than 100 mile-per-hour winds and roughly 18 inches of rain , as measured by experts . The destructive force of Milton was so powerful that local media reported it tore the roof off the home stadium of the Tampa Bay Rays baseball team . By the time it was over , according to officials , more than 120 homes were leveled , countless streets were turned to mud pools , at least 3.5 million utility customers were without power , and 14 Floridians were left dead ( the total death toll rose to more than 260 people , when surrounding states were included ).
Moody ’ s put a preliminary estimate of the total damage from the two storms at between $ 20 billion and $ 34 billion , though official estimates of total losses ( economic activity plus property damages ) were closer to $ 400 billion and counting .
But for advisors who live or work in the area , that ’ s just part of the horror . “ It ’ s much worse for those of us living
here than is portrayed ,” says Michael Zmistowski at Financial Planning Advisors in Tampa , Fla .
He ’ s coping with “ too much additional work ,” he says , “ working with clients [ and ] cleaning up my own mess .” He ’ s dealing with carpenters , drywall installers , pool repairs , and hauling away 19 55-gallon trash bags that are sitting in his yard , “ plus all the big stuff piled in my driveway waiting for removal ,” he says . Anyone who is considering moving to Florida , he adds , should “ reconsider .”
Besides the heartbreak and hassle , advisors say there are extreme cost considerations . Home insurance rates have soared , if you can find coverage at all . Some clients have had longtime policies abruptly canceled . Many bluechip carriers , including Farmers Insurance Group and American International Group ( AIG ), have stopped issuing new policies altogether in large parts of the state . In some cases , the only policies left available offer very limited coverage , such as partial protection for roof damage but not for mold or floods .
IMAGERY VIA GETTY IMAGES DECEMBER 2024 | FINANCIAL ADVISOR MAGAZINE | 35