Second massive storm in so many weeks raises critical questions about protecting real estate investments
How many Canadians could be affected by Hurricane Milton?
Can Canadians access U.S. disaster assistance?
One of the major challenges for Canadian property owners is their limited access to disaster assistance. According to the U.S. Federal Emergency Management Agency (FEMA), only U.S. citizens and qualified non-citizens, which includes Green Card holders, asylum recipients, and refugees, can receive federal disaster relief. This leaves many Canadians without a safety net in the event of significant property damage from hurricanes. Understanding this limitation is crucial for anyone who owns a home in Florida or is contemplating a future purchase.
How should owners of property in Florida prepare for hurricane season and protect their homes from damage?
Taking proactive steps can significantly reduce the risk of damage to Florida properties. The Canadian Snowbird Association recommends several key measures:
- Trim or remove damaged trees and branches to prevent them from becoming projectiles
- Secure rain gutters and clear any clogged areas or debris that could cause water accumulation
- Retrofit roofs, windows, and doors to withstand strong winds
- Ensure essential financial and legal documents are easily accessible, take an inventory of personal assets, and review your insurance policies to make sure you’re adequately covered
What about insurance?
Dr. Ann Meyerson, a licensed real estate agent in Florida specializing in the needs of seniors — including many Canadian snowbirds — emphasizes the importance of understanding the shifting landscape of homeowners insurance.
“Since the Surfside Condo’s collapse in Miami, property owners have been confused and frustrated with rising insurance costs.” She points out that many homeowners are facing higher premiums and more stringent requirements. “A local Boca Raton condominium community saw their insurance premiums double, with a new roof requirement and only one company willing to insure.”
In addition, organizations that help Canadians navigate various aspects of living, working, and travelling in the U.S. warn that property owners should be aware of the high insurance costs in Florida.
“As of 2024, the average annual premium for a standard homeowner insurance policy in Florida is approximately US$4,200, which is nearly three times the national average,” according to Canadatousa.com. “However, costs can vary significantly depending on factors such as location, the age and condition of the home, and the level of coverage required. For Canadian owners, it’s essential to budget for these higher insurance costs, especially if the property is located in a high-risk area.”
Proximity to the coast, elevation, and the building’s construction materials can all influence insurance rates.
Is flood insurance available?
According to the the Canadian Snowbird Association, flood insurance is a critical component of hurricane preparedness, especially for properties in flood-prone areas. Standard homeowners’ insurance typically does not cover flood damage, so obtaining separate flood insurance is vital. Only 20 per cent of Florida homeowners currently hold such insurance, leaving the majority vulnerable to losing everything without any means for replacement. Purchasing comprehensive coverage — including windstorm and flood insurance — provides critical financial protection.
Meyerson notes that “insurance companies are taking a cautious approach to minimize their risks,” which has led to limited options for property owners. “In some areas of Florida, many companies have stopped offering policies altogether. Citizens Insurance, Florida’s state-run insurer of last resort, covers homes that private insurers refuse or can’t insure affordably and may be the only choice available. Seasonal residents can qualify.
What happens in the aftermath of the storm?
Once Hurricane Milton has passed, it’s essential to act quickly to assess damage and file insurance claims. Although Florida law allows property owners up to a year to file a claim, Canadatousa.com recommends taking immediate action to expedite the repair process.
Snowbirds may face challenges in managing their properties remotely, so it’s wise to hire a third-party service to check on homes or have trusted neighbours take photos and document any damage. Before signing any contracts for repairs, homeowners should verify that the contractors are licensed and insured.
Meyerson advises Canadians to “educate themselves to navigate this new territory and make informed decisions.”