Florida Residents Flee State as Insurance Premiums Skyrocket up to 900%
Florida Residents Flee State as Insurance Premiums Skyrocket up to 900%
Insurance premiums in the Sunshine State have climbed so high that people are considering going without insurance coverage, or moving out of the state.
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.
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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.