H
urricane Helene has left many Florida homeowners reevaluating their costs and comfort with risk. Some are questioning whether owning a home in the state is worth it, given the high cost of insurance and homes. A seller near St. Petersburg reduced the asking price on their flooded home by 40%, while others weigh the pros and cons of repairing or rebuilding.

    Compass real-estate agent Alexis Smith-Frady's home was severely damaged, with over three feet of water flooding her 1,400-square-foot bungalow in Bradenton. She now faces a difficult decision: repair the existing home, which would take three to six months, or start from scratch, which could take up to 18 months.

    Hurricane Helene caused an estimated $30.5 billion to $47.5 billion in wind and flood damage across 16 states. The National Flood Insurance Program is expected to provide around $4.5 to $6.5 billion in insurance coverage for homeowners in Florida and the southeastern US.

    Florida's high risk of hurricanes has led many homeowners to question whether the costs are worth it. With nearly one out of every three homes susceptible to storm-surge flooding, the state's residents face a daunting reality. Despite this, real-estate agents report that home prices have not been significantly affected by recent hurricanes.

    However, some sellers are lowering their asking prices due to rising insurance premiums. A property in Shore Acres was reduced from $375,000 to $225,000 after sustaining water damage. The seller's goal is to get out of the market quickly, as they believe the increased cost of flood insurance will be a "deal killer" for potential buyers.

    Floridians face challenges securing insurance, with major providers pulling out of the state and premiums expected to rise by over 300% in some areas. Many homeowners choose not to purchase flood insurance, creating a situation where it becomes difficult to separate water damage from wind damage when filing claims.

    As a result, some experts predict that more homeowners will choose to sell their properties rather than repair them. Palm Beach agent Holly Meyer Lucas anticipates a surge in sales as homeowners struggle to afford remediation costs. Despite this, homebuyers continue to be drawn to Florida's desirable climate and lifestyle.