According to the U.S. Commission on Ocean Policy, insured property values along the gulf and Atlantic coasts have roughly doubled every decade. By the end of 2007, the gulf and Atlantic coasts had more than $9 trillion of insured coastal property. Florida's share of that is certain to exceed many billions of dollars. We need to have Florida property insurance prices reflect the real risk of hurricanes. If we don't do this then insurance will be subsidizing coastal development.
As coastal development is intensifying, so are coastal property losses. The higher wind speeds, storm surge, flooding and erosion hazards intrinsic to coastal regions increase the likelihood of property damage, degradation of coastal ecosystems and subsequent social costs….