"We have kind of a two-level house — it's not a two-story, but there are two levels," Smith-Frady told Business Insider. AdvertisementIn May 2024, the average cost of flood insurance in Florida was $781 a year, according to personal-finance company NerdWallet. Advertisement"It basically makes the home a total loss if they don't have flood insurance," Meyer Lucas said. "In Florida, there's really high flood risk, which I think is broadly understood, but that the cost associated with that flood risk is not being captured in home values." "The storms are happening so diversely in so many different areas of the state," D'Amario told Business Insider.

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