People got to live somewhere. If they have the land, were insured totally or partially, they have their jobs and family there, they will build back to code. It only makes sense. Why lose everything again? Codes protect you, and the house and make it safe. An extra $100K on the mortgage over 30 years is still affordable for shelter and a place that will withstand the elements. They can downsize as well to help keep the price down.
Going through what we just did in FL, the new construction held out mostly because of the codes. It's an unfortunate event but a natural way of cleaning and clearing. After Andrew wiped Homestead off the map, it came back better than ever. People will rebuild, maybe go onto pilings on the coast or build up. People always find a way...if not they sell and move.
The people really hurting are the ones who had their houses paid for and dropped the insurance. They have to pay out of pocket or tear down and start over. There will be a lot of foreclosures of those under insurance or insurance defaulting and people walking away.
Will this make bring us more business? Construction loans, Government loans, business loans...IDK, but a good possibility. |
