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.
Free market win?
I mean rebuilding houses in regions every 5-20 years was never gonna come out on top.
Not being able to sell them (except for 10 cents on the dollar of what they paid) when they cannot be insured will be the next shock.
Yeah we saw that happen in places like Detroit during the recession, but I doubt it’ll get quite that bad ($100 homes) since Florida at least has good weather going for it.
The weather is literally the issue here.
Oh come on. We live in a house built in the 1940s, and I moved to this house from one built in the 1920s that is still in good shape. It’s not like all the houses are knocked down and rebuilt every 15 years, but that is how the insurance is priced.
Insurance is partly like gambling, the house always wins, right? They want to make money. Whatever the highest amount allowed by law is, that is what they charge.
You’re missing out on the most important point.
The house always wins - but the house doesn’t pick up and leave when they’re already losing money, they do it when the cost of relocating their pile of money is less than the margins they could make if they move