Florida's Home Insurance Crisis: Threatening Homes and Dreams
Average annual property insurance premiums in the state surged to over $4,200 in 2022, three times the national average.
Florida, the Sunshine State, is now grappling with a different kind of storm. Rising property insurance premiums are casting a shadow on the dream of homeownership for many residents. Last year, the state witnessed at least six insurers going insolvent, and Farmers recently withdrew from the Florida market due to heightened hurricane risk. The impacts of climate change are acutely felt in Florida, but the financial burden is already on the shoulders of Floridians. Average annual property insurance premiums in the state surged to over $4,200 in 2022, three times the national average. For many homeowners these premiums are becoming unmanageable, forcing them to consider relocating.
Despite the growing threat, Florida's governor, Ron DeSantis, has been criticized for his handling of the insurance issue and his stance on climate change. As hurricane seasons become more intense, citizens are left to grapple with soaring insurance costs and the uncertainty of the future of their homes. This crisis is driving residents to make difficult choices, and for some, it's a painful reminder of the urgent need for climate action and leadership.
