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, Florida has been a magnetic destination for many Americans wishing to live in the sunny, vibrant state—a phenomenon which has been driving up demand for housing, especially during the pandemic, as well as home prices.
Several homeowners told The Wall Street Journal that the increased cost of premiums has led them to completely or partially drop their insurance—what's known as going 'bare'—and even consider selling their properties.Insurance premiums have tripled in the state in the past five years, with residents of the Sunshine State currently paying on average more than $4,200 per year for home insurance. The national average is $1,700, according to data from Triple I.
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