Detailed information on residential property exposure in dollar value and numbers and types of policies is available from the Florida Hurricane Catastrophe Fund and reports filed by insurers as they contract for Cat Fund reinsurance.

Exposure by number of risks in 2008

Exposure by dollars in 2008

Exposure by zip 2008

Florida Residential Insured Exposure: $2.1 Trillion and 6.4 Million Policies;
$1 Trillion Increase Over Last Five Years

The size of the residential risk in Florida continues to soar despite the floundering economy.  Florida’s total risk has nearly doubled in the past five years.

At the end of 2008, residential property exposure totaled $2.1 trillion. There were 6.389 million residential risks, including 4.5 million single-family homes.

The Cat Fund reported $1.2 trillion in insured residential values as of December 31, 2003; so there has been a $1 trillion increase during the last five years. Total exposure was $1.1 trillion at the end of 2002, $919 billion in 2001 and $760 billion in 1997. The Cat Fund reported 5,946,571 insured residential risks as of December 31, 2003, including 4,254,827 single family homes.

Three significant reports are available from the links below: Exposure Concentration by ZIP Code, Risk Concentration by County (number and types of risks) and Exposure Concentration by County (insured value in dollars). Here are some key details.

The Cat Fund reports cover only residential and not so-called commercial/commercial, shopping centers, stores and other businesses. Condominiums and other commercial/residential are included. The Florida Cat Fund does not provide reinsurance for regular commercial, although it did for a couple of years following its creation in 1993. So its data is limited to rresidential and is some of the most detailed available. Unfortunately, no comparable data on regular commercial is available.

The reports cover insured values, not uninsured property. See the section below: Uninsured Property Values are Difficult to Quantify

Insured Residential Exposure in Dollars

As noted above, total insured residential exposure is $2,109,420,218,159, including this breakdown:

  • Condos, apartments and other commercial/residential: $198 billion
  • Single-family homes: $1.777 trillion
  • Mobile homes: $37.4 billion
  • Tenants: $18 billion       
  • Condo owners: $78.7 billion

Dade, Broward, Palm Beach Account for 26 Percent of Statewide Total

Palm Beach County is number one in insured residential exposure at $194.7 billion, followed by Miami/Dade at $178.5 billion and Broward at $176 billion, and Palm Beach, at Palm Beach County at 194.7 billion. These three counties – with the state’s most concentrated population and development – account for $549 billion or 26 percent of all Florida residential insured exposure. Monroe County and the Florida Keys, often linked with these counties as the southeastern Florida “hurricane ally,” has $11.7 billion in insured exposure or just over one-half-of-1-percent of statewide exposure.

Tampa Bay has the second highest concentration, $291 billion, or 9 percent. Here is the breakdown: Pinellas County, with $100.7 billion or 4.77 percent of the statewide total, and Hillsborough, with $122.5 billion and 5.8 percent of statewide insured exposure. Pasco has $48 billion and 2.3 percent, with Hernando accounting for $20 billion and about 1 percent.

The Orlando area is third: Orange, $126.8 billion, or 6 percent, Osceola, $30.5 billion and 1.4 percent, and a two-county total of $157.3 billion and 7.4 percent of the statewide insured exposure. Other Florida areas with significant insured values include: Fort Myers, Lee County, $100.3 billion and 4.67 percent; Jacksonville/Duval County, $88 billion and 4.2 percent; Collier County, $73 billion, 3.43 percent; Brevard, $67 billion, 3.18 percent; Sarasota, $67.5 billion, 3.2 percent; Daytona Beach/Volusia, $60.5 billion, 2.5 percent; Polk County, $57 billion, 2.7 percent.

Panhandle Exposure Significant, but Less Than Southeast Florida,
Tampa Bay or Orlando

Insured values along Florida's Panhandle coast are significant, have grown dramatically in the last five years and are regularly threatened by hurricanes. They have not, however, reached the magnitude of southeast Florida, Tampa Bay or the Orlando area. Total insured exposure from Escambia County/Pensacola through Bay County/ Panama City is $81 billion, or 4.6 percent of the statewide total. Here is a breakdown: Escambia, $27.2 billion, 1.29 percent; Walton, $11.3 billion, 0.54 percent; Okaloosa, $23 billion, 1.09 percent; Santa Rosa, $16.7 billion, 0.79 percent;  Washington, $1.3 billion and 0.06
percent; Bay, $17.5 billion. 0.83 percent.

Insured Residential Exposure by Risk Count

The Cat Fund reported 6,389,264 residential risks as of December 31, 2008. Here is the breakdown:  

  • Condos, apartments and other commercial/residential:    186,776
  • Single-family homes:                        4,507,363
  • Mobile homes:                        481,257
  • Tenants:                            503,507       
  • Condo owners:                        710,361

Again, southeast Florida accounts for a significant amount of the statewide total numbers. Broward County has 520,794 residential risks, number one in the state, or 8.2 percent of the statewide total; followed by Palm Beach County, 497,842 residential risks and 7.79 percent; and Miami/Dade, 478,564, or 7.5 percent. Together, the three counties account for 1.5 million insured risks, or 23.5 percent of the statewide total.

Other significant areas: Tampa Bay, 727,766, or 11.4 percent; Orlando area, 437,158, 6.8 percent; Lee County, 290,932, 4.55 percent; Jacksonville, 279,959, 4.38 percent; Polk, 210.923 and 3.3 percent; Volusia, 199,942, 3.13 percent; Sarasota, 199,752, 3.1 percent; Escambia through Bay:  332,802, or 5.2 percent.

Polk County has the most insured mobile homes in the state, 47,664; followed by Pasco, 28,551; Lee, 25,784; Lake, 25,296; Pinellas/St. Petersburg, 22,725; and Seminole, 18,299.

Palm Beach County leads the state in master policies on condos and apartments, with 30,826; followed by Broward, 22,878; Miami/Dade, 19,043; Sarasota, 13,577; Lee, 13,275; Pinellas, 12,477; Collier, 12,061.

Palm Beach County has the most condo unit owner policies, 117,102; followed by Broward, 109,261; Pinellas, 62,465; Collier, 53,508; Lee, 53,042, Miami/Dade, 52,594; and Sarasota, 34,783;   

Uninsured Property Values are Difficult to Quantify

The Florida Hurricane Catastrophe Fund reports used above cover insured property values, not uninsured. The Florida Insurance Council is attempting to quantify uninsured property values in Florida, but this is an ongoing and difficult task. Homes with a mortgage must be insured because the lender requires it. Older homes with no mortgages may be uninsured or may not have hurricane coverage. The 2007 Legislature authorized homeowners without a mortgage to purchase policies without hurricane coverage, while buying other coverages, including fire and liability.

Based on information from associations representing mobile home residents or manufacturers, we believe a lot of older mobile homes are uninsured. We are trying to get uninsured mobile home estimates.