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.
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?