Hurricane Irma bore down hard on single-family homes, severely damaging many. At the end of September residential insurance claims had been cited around a half-million. The story, however is quite different for commercial and industrial buildings where insurance claims had been cited around 25,000.
This is mainly due to the stricter building codes that were put in place following the wrath of Hurricane Andrew in 1992. “Designed to withstand a Category 5 hurricane with winds of 175 mph, the Florida building code is the accepted benchmark for hurricane protection nationally.”
“Florida significantly strengthened its defenses after hits from past major hurricanes, and those improvements were instrumental in helping the state weather this potentially devastating storm,” Levy notes. “As a result, damage to Florida commercial real estate is relatively minor outside of the Keys.”