Floridians know hurricane-proofing works. Let's make it affordable.
It seems like after each weather catastrophe, stories emerge, along with accompanying aerial drone footage, showing hurricane-resistant homes that somehow survived Category 4 or 5 winds and life-threatening storm surge amidst an expanse of destruction and homes that were not as fortunate.
In 2024, a community near Tampa Bay, known as Hunters Point, proved resilient during Hurricane Milton thanks to homes raised 16 feet off the ground and secured with steel straps. Babcock Ranch, a Southwest Florida community, made national headlines in 2022 after standing strong through Hurricane Ian, as the entirely solar-powered community's homes were built to withstand Category 5 winds.
🌀 2025 Hurricane Season Guide: Storm preparedness tips, supply list, evacuation zones
It has become clear that hurricane-proofing your home works, but there's one big catch: the cost.
Most families are struggling with rising costs and a general level of economic uncertainty, which is forcing us to decide what is really important when it comes to budgeting.
A recent study found that millions of homeowners are being blocked from accessing their home equity, compounding this problem.
High interest rates, rising debt and pandemic-driven job disruptions have made it harder for many U.S. homeowners to access home-equity loans or lines of credit, which are often used to obtain capital for home renovations and a means to finance hurricane hardening. Despite a recent job market rebound, nearly 4.6 million mortgage holders have seen credit declines tied to labor shifts, limiting access to over $730 billion in equity. And with the economy expected to slow amid a growing trade war, many may find their home equity harder to tap, despite a $18 trillion surge in housing wealth over the past five years.
With construction costs also on the rise and an aging housing stock, how are homeowners supposed to protect their families and their properties through traditional financing measures?
Instead, we must look to innovative policy tools focusing on home sustainability and resiliency.
More: Florida must strengthen its electrical grid before it's too late | Opinion
Programs like Elevate Florida, a state-run grant program, offer money for raising homes or hardening them with new roofs, windows and doors. However, due to overwhelming demand, the program has already exhausted its funding.
In communities throughout Florida, including in Palm Bech County and across South Florida, programs like the Residential Property Assessed Clean Energy Program (PACE) remain available to homeowners.
Property owners looking to avoid high interest rates or steep upfront costs of traditional loans can opt for PACE, which allows them to finance upgrades over time through their annual property tax bill. Qualification is based mainly on the home's available equity and the owner's ability to repay, not their credit score, making it more accessible than conventional financing.
To date, Florida has avoided well over $3 billion in disaster losses because of PACE home resiliency upgrades, and the PACE industry has had more than a $7 billion economic impact statewide.
More: $103 million in hurricane home-hardening grants up for grabs again. How to get one
As the next hurricane season looms, protecting your home shouldn't be a luxury, it's a necessity. While financial pressures are real, delaying critical storm-resilience upgrades can cost far more in the long run.
Programs like PACE offer a lifeline, making it possible to invest in your home's safety without the burden of high interest rates or inaccessible credit. Every storm season brings new threats, but with the right tools and a proactive mindset, we can strengthen our homes, safeguard our families, and build more resilient communities.
Julio Fuentes is president and CEO of the Florida State Hispanic Chamber of Commerce. He wrote this for The Palm Beach Post.
This article originally appeared on Palm Beach Post: Florida weather damages homes. We need affordable protection | Opinion
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