Thousands of homes in the Sunshine State of Florida are being seized by insurance companies!
Historic Surge in Home Insurance Rates
Thousands of homes in the Sunshine State of Florida are being seized by insurance companies. Lifelong residents of Florida or those who have lived here for 10 years or more say they have never seen home insurance rates increase this high in history.
Widespread Impact on Homeowners
People are being forced out of their homes. This used to happen only occasionally. But, due to the sudden increase in insurance premium rates, insurance companies have seized thousands of homes, and residents are not being allowed to move.
Rising Premiums Forcing Residents into Cars
Today, due to the increase in insurance premium rates in Florida, the situation has become so bad that Florida residents are forced to live in their cars because they cannot afford to live anywhere else.
Impact on Retired Army Personnel
Not only this, but people retiring from the army also do not like to live in Florida anymore. Sunshine State is the place that was once considered the home of retired officers and soldiers from the US Army, but now all of them are ready to spend the rest of their lives somewhere else. They say that Florida is no longer a live able place.
Struggles with Increasing Living Costs
Today, nearly 70% of Florida residents face ever-rising home insurance premiums, at a time when they are also expected to pay for food costs, mortgages, and car insurance, whose prices are also rising.
Abandonment by Insurance Companies
This is the need of the hour now that 12% of Florida homeowners have said their home insurance companies have abandoned them, forcing many individuals and families to move because they can no longer afford to live there.
Predictions from Real Estate Investors
When home insurance rates began rising in Florida, real estate investors warned of this possibility and said buyers might have trouble obtaining mortgages. Furthermore, they warn that these price increases will continue until the remainder of 2024, meaning that people living in areas affected by hurricanes and wildfires will not be able to do so.
Dramatic Increase in Premiums
Florida home insurance premiums have increased so much that many homeowners are facing a 400% hike. The average in 2019 was $1988; however, in the first quarter of 2024, this will increase to $8777 per year.
Also Read: Hurricanes in Florida will soon disrupt the insurance industry!
