Nate5.0

Ya it isnt going to be pretty. except at min 1 to 2 companies to go insolvent after this too only making the matters worse.

I work for a new start up that is very well funded and we will be ok. We will start to issue our polices in Dec of this year giving a new option to the people of FL. However due to the what got us here in the first place (ligation and Public Adjusters) our policies will not be like what you see today with policies and will have a lot of limits and caps. They will also be ACV for roofs unless there is a hurricane and RCV for that will be in play then as it is an actual need.

Florida insurance was in a very bad spot, this is only going to make it worse.

Jupiter Sunsation

Market was over inflated, interest rates have doubled, insurance is going to be unobtainium (meaning no insurance = no loans, defaulted contracts).................of course its going to get softer. Some could even argue since Covid "ended" the rush to Florida will subside.

Buyers can want it but if the bank won't finance it the deal is dead! Wait until the residents get their checks, then realize it won't cover 60% of the rebuild costs! If a waterfront street is full of wrecked homes, some fixed some boarded up what do you think that is going to do to the values? Once a few low sales hit, the comps won't support high asking prices. This is going to crush condos and single family homes alike. The condos are going to get hit with huge assessments to fix damage/cover higher rates and suddenly that 2/2 condo will have a $1200 a month HOA fee!

Its a bad deal for everyone involved but the scope of the devastation isn't a street or a neighborhood (like a tornado) its widespread.

compedgemarine

the biggest problem is how much of the water front properties are still water front. looks like the coast line is way different in many areas

hogie roll

So when will everyone get checks for their boats? Thinking it might be time to list.

Jupiter Sunsation

Nobody over there will buy a replacement boat. Once they get their "boat check" they will likely buy a new car/truck and fix their house. Marinas are shot, bars/restaurants are gone, debris everywhere in the water.......nobody has a boating fantasy right now. Imagine what the insurance will be on the next boat after this loss? Florida has been rough on insurance prices/options for years, it just got worse.

Not sure? Call Progressive or Geico right now (800 number) and try to get a quote on a 30 ft twin engine CC using a Fort Myers zip code. I bet they won't even quote a policy and if they did it will be something crazy like $10,000 a year.

tlark

Yep, insurance costs aside, the whole boating industry and anything assoc with it took a giant hit with Ian The commerce alone is monumental, the human emotion associated with loss, the drone vids on youtube are insane. Prayers to you all !!!

tommymonza

There simply will be no place to park them as I believe much of the waterfront between the bridge and salty Sams is owned by only a few families and ROI to rebuild the marinas won’t be there.

I am still trying to figure out where they are going to put all the boats that are piled up but still floating yet most of them have significant damage that warrants being pulled out.

All the forklifts have been drowned and no one is working on them as of yet as our the 2 travel lifts at Gulf marine ways and the marina next door.

The only travel lift and fork lift that survived would be Diversified and they have very limited room.

Liveaboard days are done in the area.

Wildman_grafix

They need boats all along the St Johns now, everything is flooding.

Tommy's post above is a good one, I would think cranes to get a lot out and crush but that will be way down the road. As for the rebuild, if like else where in Florida High rises make more tax money then a marina.

Has anyone heard how Nortech came through?

Jupiter Sunsation

Haven't seen anything regarding damage but this got posted to their FB page 3 days ago:


The Team at Nor-Tech is overwhelmed with the outreach from family, friends, and clients. During this time we ask that everyone keep our employees and the surrounding communities; in both Cape Coral and Fort Myers in their thoughts and prayers. Thank you again for your concerns.

Sonic30ss

I do remember you idling by.