The rich don't really care about insurance rates down here because they can a) pay them, b) tend to gravitate towards newer buildings that have better protection and c) have the money to retrofit older buildings with the necessary protection to lower insurance rates. Miami has the strictest hurricane codes in the country, so while there's a possibility that they may get gutted, it's probably going to be less than people expect.

I live in FL so if you have questions about insurance feel free to ask.

Homes built after 2002 in Florida are not gutted by hurricanes, they are hurricane resistant under updated building codes. The codes were even strengthened in subsequent years. Example, FEMA found no structural failure from wind in modern-code homes for Hurricane Ian.