Canadians living in Florida do not all share the same perspective about their future in this American state swept by two powerful hurricanes in recent weeks.
For example, Julie Riddell, who has a residence in Fort Myers in southwest Florida, was not convinced by recent natural disasters to sell her property. She says her neighborhood is like “her second family.”
“I see more people in the winter in Florida than when I’m in Toronto,” she says. Here, I only see my neighbor when he takes out his garbage. That’s all. »
She and her husband had to spend a lot of money to better protect their property from the elements, including installing hurricane shelters.
“I’m going to have to invest even more, that’s for sure. We have defenses in place against another catastrophe. We are going to imitate several Floridians: we are going to hold on. We are not leaving. »
PHOTO JULIE RIDDELL, PROVIDED BY THE CANADIAN PRESS
Julie Riddell and her husband Gerry
Hurricane season is becoming more intense as oceans warm. When Helene hit Florida two weeks ago, it was the seventh storm of category 4 or higher to reach the American mainland in eight years. That’s more than triple the annual average in the United States since 1950, according to an Associated Press analysis of the data.
Two years ago, the hurricane Ian had caused insured losses of around 60 billion in Florida. Many small communities and local businesses are still trying to recover from this disaster.
Martin Kinal, of Mississauga, Ontario, sold his second home in Venice earlier this year. Even though its land was located further inland and less likely to be flooded, the hurricane Ian was the straw that broke the camel’s back.
“ Ian was the last, even if our residence and the city suffered little from the winds. We had water right up to our front door, says Mr. Kinal in an email. A few more meters and we would have had water in the house. »
He mentions that one of his Florida neighbors decided to move to Arizona the following year when he realized “that sooner or later a hurricane will hit our area.”
“We decided to sell in May of this year because of the expenses associated with continuing to maintain a second home in Florida. Since the pandemic, everything seems to have doubled. »
Insurance
Because of the number of storms hitting the Florida coast, some insurance companies have increased premiums, limited the number of policies offered or pulled out of this region.
Nine insurers have been declared insolvent or had to merge in Florida since 2021. Home insurance premiums ballooned 42% to $6,000 last year, well above the national average of $1,700, according to a Associated Press analysis.
Kris Rossignoli, a financial planner with the firm Cardinal Point, says you should think twice before deciding whether to keep or buy a second home in Florida.
“Today, we have to ask ourselves if we can afford the price of the house and all the insurance, particularly against flooding,” he emphasizes.
In addition, the price of construction materials is increasing, as are maintenance costs, adds Mr. Rossignoli.
“Several Canadians were unable to travel to Florida to prepare their homes to face this storm. You have to have truly good neighbors to hire a company to do it. »
However, having your own residence remains a viable option when compared to the price of renting a residence, says Mr. Rossignoli.
Ray Ferris, an Ontarian who owns property on Treasure Island, wonders what he will discover when he goes south of the border next winter. However, he says he is willing to return and help his neighbors rebuild.
PHOTO GIORGIO VIERA, AGENCE FRANCE-PRESSE
Debris visible in front of Thunderbird Beach Resort after hurricane hits Milton in Treasure Island, Florida on October 11, 2024.
He and his wife live two to three in a condo the couple purchased in 2021 to escape winter storms. They’re renting it out for the rest of the year, but the latest storms could change plans.
Mr. Ferris says renting the condo to other people helps him pay for condo fees, maintenance and insurance. He is worried about being able to find new tenants in the future.
“There is a fear that no one will come to Treasure Island on vacation if it becomes a ghost town. »
Although he admits to sometimes having regrets about his decision to buy a condo overlooking a beach on the Gulf of Mexico, he is not yet convinced that the time to sell has come.
“This is the reality that we must accept if we want to live near water,” he says.