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Brandon Tucker Opinion: Hurricanes Target Land and Property While Fraudsters Target Homeowners

Insured property damage is projected to reach‭ ‬$9‭ ‬billion in the wake of‭ ‬Hurricane Idalia.‭ ‬An eye-popping price tag to be sure,‭ ‬but far less than‭ ‬the‭ ‬$112‭ ‬billion‭ ‬following Hurricane Ian’s‭ ‬Category‭ ‬5‭ ‬storm that hit the Gulf Coast a year ago.‭

Cleaning up your property and rebuilding your home after a destructive storm is pricey.‭ ‬But it can cost even more if you become a victim of fraud.‭ ‬And unfortunately,‭ ‬Florida and fraud go together like thunder and lightning.‭

The reason could be that almost‭ ‬100‭ ‬years ago,‭ ‬the Ponzi scheme was born right here in the Sunshine State.‭ ‬In‭ ‬1925,‭ ‬Charles Ponzi famously conned‭ ‬people into buying swampland,‭ ‬claiming they could easily‭ ‬develop‭ ‬on the coveted,‭ ‬albeit marshy,‭ ‬prime real estate.‭ ‬Unfortunately,‭ ‬almost a century later,‭ ‬Florida remains a hot spot for‭ ‬property and‭ ‬real estate fraud.‭ ‬Florida has been‭ ‬a mecca of‭ ‬moving‭ ‬scams and mortgage fraud,‭ ‬land,‭ ‬and insurance shams,‭ ‬and specifically after hurricanes,‭ ‬roofing,‭ ‬and contractor cons.‭

Like a fast-moving storm,‭ wi‬re fraud scams can inflict damage quickly and are especially popular with con artists given the fast,‭ ‬fat payouts they are netting.‭ ‬This particular scheme involves tactics such as phishing,‭ ‬hacking,‭ ‬and spoofing.‭ ‬Ne’er-‭’‬do-wells hack into your computer and pretend to be your real estate agent.‭ ‬The hacker may email or even call you to make a deposit into a bank account for closing costs or in some cases for escrow funds.‭

The good news‭ – ‬like preparing for an impending storm‭ ‬-‭ ‬is that there are ways to protect yourself.‭ ‬Beware of changes made at the last minute.‭ ‬If something doesn’t look right,‭ ‬pick up the phone and call your agent,‭ ‬the title company,‭ ‬or your lender and speak to them directly.‭ ‬Don’t send financial information in an email.‭ ‬And if you’re being rushed to send money or sign a contract,‭ ‬wait,‭ ‬take a breath,‭ ‬and consult with someone you trust.

This is especially relevant following a hurricane.‭ ‬If a contractor or roofer is pushing you to sign a contract or hand over a large deposit before any work is done,‭ ‬think twice.‭ ‬Reputable companies will work with you and will be open to negotiating,‭ ‬within reason.‭ ‬And remember,‭ ‬nothing in life is free‭! ‬Ask for a business license,‭ ‬check the company’s history with the state,‭ ‬and get feedback from previous customers.

Florida property owners know the risk of storm damage but shouldn’t have to endure property loss or financial damage because of fraud.‭

Brandon Tucker is a licensed real estate broker and the executive director of the Florida Landowners Association.

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