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.
This isn’t just a Florida problem.
There is items that are either unique to Florida or are prevalent in Florida that make it the kind of state where this problem will happen first.
Unique to Florida is a lot of pseudo scammy ways that repairs occur after natural disasters which increase premium costs due to lawsuits causes by reconstruction occurring before appraisal.
Not unique but prevalent are the hurricanes and common flooding.
It’s happening here in southern Louisiana. My insurance premium has been steadily increasing for the last 3-5 years.
Also, we’re going through a drought which is causing a saltwater intrusion into our wetlands and wildfires in the marshes.
https://www.drought.gov/states/louisiana https://gohsep.la.gov/emergency/Saltwater https://www.wdsu.com/article/heavy-smoke-filling-the-air-in-new-orleans/45608195
