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.
Watch: More legislation on insurance prices in the state.
Or, they could pull a North Carolina and outlaw any discussion of sea level rise.
Seriously, there are places where climate change (discussion) is banned? This is mind blowing
We should just ban it everywhere, and that’s it, problem solved 🤦♂️
It’s a bit of an exaggeration, but not much.
Lord, don’t even get me started on NC property insurance. Their solution to increasing rates for many years was to mandate that rates couldn’t exceed x, based on what they believed was appropriate.
Protip: It wasn’t appropriate. I’ve been out of that game for long enough now that I don’t know if they ever fixed it, but it was bad - basically if you couldn’t write a policy within x% of the expected rate, the risk had to be ceded to the state’s reinsurance facility, which drastically limited the available coverage.