Naples, FL

Experts Warn: Naples to Face Devastating Storm Surges

Toni Koraza

Naples is a coastal Florida city that's famous for its sophisticated nightlife, world-class culture, and beach life.

You can enjoy the finest shopping sprees followed by some of the fanciest dining options. On top of it all, Naples' glamour is affordable. And the city ranks as the 7th most beautiful place to live in the U.S., according to News & World Report.

However, a looming disaster is everpresent in Florida's Southwest paradise.

Some 197,265 single-family homes are facing the disturbing risk of storm damages, according to the CoreLogic report.

The total damage? A stunning $45,08 billion in storm and wind damage.

These figures are extremely concerning and potentially deadly. Other Florida cities also face similar dangers.

What happens to the housing market after a hurricane?

Property prices skyrocket. Both the number of houses on the market and the mortgage prices changed drastically following Hurricane Michael in Panama City.

"As hurricanes grow stronger, property losses will continue to mount and the insurance industry will see increased financial implications as wind damages are covered by standard homeowners insurance policies," as per CoreLogic report

Taking the Fall of 2018 data from Panama City into consideration helps us get a wider picture of potential repercussions:

  • The mortgage delinquency rate rose 7.3% following the hurricane.
  • Housing inventory dropped by 13% following the disaster.

Again, these changes translate to billions of dollars. Experts project a similar magnitude of storm damages in Naples following a devastating hurricane.

How does the Florida Government approach this issue?

Gov. Ron DeSantis signed a bill to protect Florida's environment. The Senate Bill 1954 aims to deliver $640 million in funds to protect the state from rising sea levels, surging storms, and strong winds.

The breakdown:

  • Resilient Coastlines Initiative: $12.5 million for the shore and coral reef protection
  • Resilient Florida Grant Program: $29 million for establishment and planning efforts of the program
  • Statewide Flooding and Sea Level Rise Resilience Plan: $500 million for implementation of statewide resilience projects
  • Resilient Florida Grant Program: $100 million for projects in partnership with local communities

Some of these programs have already started. Others will kick off in 2022.

Are you worried about your property in Naples, Florida?

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