The skyrocketing cost of insurance premiums in Florida is leading residents to drop their insurance, consider selling their home, and even move out of the state, according to recent reports.
For years now, the sunny, vibrant state has been a magnetic destination for many Americans—a phenomenon which has been driving up demand for housing, especially during the pandemic, as well as home prices.
But while Florida was the number one state in the country that people moved to in 2022, it was also the one with the highest number of residents wanting to relocate, according to a SelfStorage.
That’s the free market meeting climate change. It will get worse.
It’s a good thing their Republican Leaders are working hard to help them with this issue.
Floridian here. My mom currently has Citizenship Insurance. Her rates will increase by about 11.5% by the end of the year.
What kind of insurance are we talking about here?
Home insurance, same thing’s happening in Louisiana and California
Definitely happening in Louisiana. My insurance broker called me in a panic yesterday to let me know how high my renewal will be this year, and it is very, very high.
I’m going to eat the increase because there’s no other company offering lower rates. I live in an area hit by hurricanes, and I know insurance companies are for-profit businesses, so I’ve been expecting this.
At this point, I’m just grateful the company didn’t pull out completely.
Very interesting, do you see yourself just leaving because of climate risks or high insurance rates?
Home
Build the wall
Midwesterner here. Is this because of bad construction mixed with climate change causing stronger storms? I’ve been seeing much lower quality new construction up here and I’m curious if houses are just becoming total losses during storms instead of repairable.
They mention construction costs are partially to blame but I can’t believe that and shareholders are the only thing boosting it by that much.
Free market win?
I mean rebuilding houses in regions every 5-20 years was never gonna come out on top.
Not being able to sell them (except for 10 cents on the dollar of what they paid) when they cannot be insured will be the next shock.
Yeah we saw that happen in places like Detroit during the recession, but I doubt it’ll get quite that bad ($100 homes) since Florida at least has good weather going for it.
The weather is literally the issue here.
Whatever it takes to finally get people to realize that living in a disaster zone is a terrible idea.
How many more years before all of Earth is a disaster zone?
20
How very optimistic of you.
People move to Florida for the same reason why people use to move to California. So you wonder when housing prices will absolutely soar. Also, lack of natural disaster preparedness is something that can’t be ignored in Florida. Deregulation won’t solve that problem.
But when you have banned all wokeness (whatever that is), surely all problems will be solved?
