State Farm won’t insure any Florida residential property built earlier than 2002, and directs you to the state’s high risk pool (Citizen’s). So while bulldozers aren’t running around yet, the insurance market clearly has priced in older code structure costs.

What happens when insurers won’t insure older properties? Those without insurance will make due until a catastrophic event or sell to someone for cash, and those with a mortgage will suffer exceedingly high premiums until the mortgage is paid off and they can go without insurance (or they’re of sufficient means they can afford the premiums, currently running roughly $4k-$12k/annually).