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.
Insurance typically works off historical data to evaluate risk from my understanding, and having something as disastrous as the Miami beach condo collapse bodes a bad sign for insurance companies, especially given the terrible and absolutely incompetent rescue effort during the aftermath.
By the way, I’m shocked at how quickly the Miami condo collapse left the news cycle.