Florida Insurance Crisis
Florida is in the middle of an insurance crisis that will only get worse. More and more insurance providers are leaving the state and the few left are raising rates. This is primarily due to climate change (that no one is really reacting to as strongly as they should) since that makes the risk and strength of hurricanes much stronger.
My mom’s insurance was canceled twice last year as providers left the market. The flood insurance on my rental just let me know that they will not be renewing my policy. My flood insurance on my primary home (which is entirely optional because I am not in a flood zone) just went up 250%. And we’re very much lucky that it is only this. I know people whose insurance has gone from $2000-$4000 in a year’s time.
Unsurprisingly, the governor isn’t doing anything about it which means that people will be forced to sell & rent or leave the state since they cannot afford it. Most lenders require you to have homeowner’s insurance so there are no real options to go without unless you have a paid-off home or buy cash. Even then you’re fully at risk for any damage which pretty no one can afford.
As far as I know, there is no help on the horizon and this will go from bad to worse very quickly. Even more so as we continue further into hurricane season.
No real solutions here. It just sucks.
Feature Photo by Jasper van der Meij on Unsplash