It’s called HURRICANES.
Bye.
In my scan of the article, I did not see any mention of the rampant inflation caused by the Biden administration and the over the top government spending.
One would have to work hard to blame DeSantis on this one.
We have relatives that owned and ran an AirBNB in Florida - outside of the Everglades.
They told us their new insurance rates priced them out of the state - they ended up selling the business and moving to upstate Pennsylvania. They were extremely angry about the rise in price, said it was exponential to the point where they could not maintain their business.
Guess what, Governors can’t magically make insurance cheaper. It costs more than ever to rebuild due to the new codes, cost of materials and labor, etc.
In the 20s Florida was booming, then came the 1926 Miami hurricane, the State went into a depression for years.
All it will take is for one big one to hit the Miami area, and history will repeat. They got “lucky” in 1992 with Andrew, in that most of the damage was in the relatively unpopulated areas south of downtown Miami.
cost like hell to live here no question.
I think more and more there will not a safe insurance haven. Underwriters will start (or have started) using “climate change” as an excuse raise rates even in regions not usually beset by hurricanes, tornadoes, floods, wildfires, and other natural disasters. They will also raise rates for older housing stock much sooner than in years past. If your house is built under a previous code expect to be told you need a new roof and new windows and doors.
I also believe FEMA will be doing a major revision for NFIP which will move land that was once regarded as outside of the special flood hazard area as being part of the flood plain. That will mean more expense for home owners.
Here in Florida we were promised the new post Andrew building codes would mean lower premiums. HA!
Got a friend that moved from Florida to Georgia not too long ago. Reasons: Hurricanes, and cost of living going thru the roof.
Being a bastion of freedom is becoming expensive!
Property insurance in Florida “is too damn high.”
5.56mm
If I didn’t know better, I’d think this was an orchestrated crisis to force homeowners out of their homes.
“You will own nothing. Regards.”
~Klaus Schwab
WEF
Self insure
I thought it would be higher.
Other coastal places around the country pay that much.
Thanks Rob!
The article is a leftist hit piece. I live down here in Florida and some of you have hit on the main cause ignored by the article - Bidenflation. Our renewal came in this year and it was almost a 30% increase in the premium. However, if you look at our bill, the reason for the increase was the almost $300,000 increase in property value assessment, not a Hurricane assessment or rate increase. When I called to complain, the insurance company said that replacement costs on the astronomically high housing prices (brought on by bidenflation) is driving the increased insurance costs. Funny how Newsweek leaves that out.
It’s different if you’re retired, but if you’re still working, don’t you save enough with no state income tax to cover the increase in insurance? Unless you move to another no-state-income-tax state.
Florida building codes. Go back to cinder block or brick houses and you won’t have to worry about your pressed-wood match stick house being blown into the next county.
That national average, as usual from any twit only willing to do a surface search, is BS. Try CaCaLAnd. National averages are stupid.
Ever since the commie trash forced all insurers to cover wildfires (caused by state inaction, not power companies) most companies have left the state.
Mind, this is even in areas in which it is impossible to have a wildfire.
Central FL, my homeowner’s insurance has gone up from 1500 to 3800 in a few short years, and I assume it will go up to 4500 or so next year. So why don’t I pack up and move? My property taxes are about $750 total, and practically anywhere outside of FL I would go, the insurance would go way down and the taxes would go way up, and it would be a wash at best.