Florida Residents Flee State as Insurance Premiums Skyrocket up to 900%
Florida Residents Flee State as Insurance Premiums Skyrocket up to 900%
Insurance premiums in the Sunshine State have climbed so high that people are considering going without insurance coverage, or moving out of the state.
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.
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I have a close family member who's getting on the older side of things. They just sold their current home that has doubled in value since purchasing and with a super low interest rate. They used the proceeds from that sale to partially fund an empty parcel in FL and have a new home built for them there. They've drained most of their retirement fund to cover more of the costs and will still owe even after that...
I warned them that this was a reckless idea a year ago, specifically citing the insurance fiasco after hurricane Ian.
How do I tell someone I love so dearly that they're an idiot and "I told you so?"
How do I tell someone I love so dearly that they’re an idiot and “I told you so?”
What are you trying to get out of it? I think it might be a good idea to reduce your involvement with them and definitely do not tie your finances together.