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You are so right. We've allways had water come in on high tides. The risk is hurricanes and storm surge, that is why flood insurance is so high on miami beach. (BTW its feels like hurricane frequency is in a downtrend) I just purchased a place on the intercoastal waterway in miami beach after selling my palce in west broward burbs. Flood insurance is around $2500 per year. Windstorm/Homeowners is $4500. Burbs was like 350 per year for flood.

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> The risk is hurricanes and storm surge, that is why flood insurance is so high on miami beach.

This nails it. Miami Beach real estate values will decline as soon as insurance companies throw up their hands and refuse to insure the losses. Can't insure, can't finance a property.

Citizens Insurance is the insurance of last resort in FL and is paid by taxpayers to deal with this situation. You can always get it. The best you can hope for is the rates go up enough for Citizens Insurance to make these properties less valuable. Don't hold your breath though. Relevant link: http://www.sun-sentinel.com/business/consumer/fl-insurers-so...

It's a similar problem with mountain (forest) homes and forest fires.

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