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Florida Homeowners Insurance Crisis
Florida homebuyers and homeowners have a major crisis when it comes to buying homeowners insurance. Many giant homeowners insurance carriers have moved out of the state and no longer do business in Florida.
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Many homebuyers are priced out of the housing market in Florida because of surging homeowners insurance premiums. Average homeowners in Florida cannot afford the average homeowners insurance in Florida. Average homeowners insurance in Florida is $6,000 per year. $6,000 per year is equivalent for a $120,000 mortgage loan. Due to the surging out of control homeowners insurance, many homebuyers are getting priced out of the Florida housing market.
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Many senior homeowners with homes without a mortgage loan balance cannot afford homeowners insurance and own homes that is not insured. Average property homeowners are now paying an average of $6,000 per year. Homeowners insurance premium doubled in the past 12 months from $3,100 to $6,000 per year.
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2023 Insurance Disaster in Florida
The ABC Action News I-Team shows you the insurance disaster in Florida that continued to escalate in 2023.