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.
It’s interesting to me that insurance companies are becoming the chief drivers of the preparation for climate change: “Wanna build a house in the woods? On a sandbar? GTFO. Use your own money.”
Since humans invented math and fossil fuels, this moment was inevitable. The writing has been on the wall in Florida for ten years.
I forgot the actual statistics, but it’s something crazy. Like Florida constitutes 8% of the country’s homeowners insurance policies, but 80% of all homeowners insurance litigation. Florida real estate is a ponzi scheme now.
They’ve got miles and miles and miles of roads in Florida lined with 10-million dollar, beachfront houses, all of which will sooner than later be buried under 25 ft of seaweed for the next thousand years. The question is who will be left holding the bag on all that risk?
I’m certain the Republicans in the Florida legislature will let the insurance companies off of the hook before too long here, and will leave working people holding a bunch of worthless real estate, just waiting for climate catastrophe to wipe everything away.