“Beyond sea-level rise, other factors contributing to the rise in risk relate to the increased wealth invested both in buildings and their high value contents, which are susceptible to water damage,” said Dr. Robert Muir-Wood, chief research officer with Risk Management Solution (RMS), a catastrophe risk management company.

Financial advisor Gary Marriage says his clients don’t ask about flood insurance, they just buy it.

“One hundred percent of my clients that live on or near a flood zone have flood insurance to protect their home and valuables,” said Marriage, whose office is in Crystal River, Fla.

But a standard home insurance policy that covers limited flood risks may not be enough.

“I advise my clients to get flood insurance and to make sure that the policy not only covers the house, but also belongings inside the house,” said Howard Hammer, a CPA who lives in a condo in Fort Lauderdale. “Get an appraisal of your valuables, such as art collections, jewelry and antiques, to determine how much coverage to buy.” 

The Florida dream doesn’t have to turn into a watered down nightmare when retirees are proactive and plan ahead. “There are things we can take action around, which include planning laws or the application of building code and also tracking whether extreme events are becoming more frequent or intense,” said Muir-Wood. 

Hammer suggests purchasing a condo on the beach because it’s easier to manage during a flood than a house.

“In a house, you are two feet from ground level and in a condo you are 10 to 12 feet up per floor,” Hammer said. “Retirees in south Florida should be looking for condos that were built after 2003 because these units complied with the strict Dade County building codes, which require impact glass on both windows and doors. It’s very expensive to install, so it’s better if impact glass is built in rather than retrofitted.”

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