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.
Iirc Florida passed some kind of law requiring coverage no matter where a structure is. And the only way the companies could make it work was massive premium increases because the places they’re being forced to cover literally have to be rebuilt every year. This was after the federal government said it wouldn’t offer disaster insurance on those zones anymore.