With the exponential rise in property insurance in FL, these numbers make sense. I know several people at work whoa re going to sell their homes because they cannot afford the thrid consecutive doubling of insurance rates. I bought three years ago and insurance was $500. It was just re-adjusted to $2000 per year and my agent told me it will double again before the summer. People making on 11-14 bucks an hour can no longer afford a home where they've lived most of their life. Interest only variable APR loans won't kick people in FL the way the insurance rates will. I'm glad I bought small just in case this happened.
Just read about another old lady getting the shock of her life as her FL home insurance is up to $2000.
Insurance companies will adjust upwards.