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.
The current crisis isn’t so much about climate change as it is an insurance market so rampant with fraudulent roof damage claims that the market can’t bear it. FL legislature tried to correct this but before the law took effect a flood of claims were filed.
Climate change will only make this worse, ofc.