Florida Residents Grapple with Escalating Home Insurance Costs, Sparking Consideration of Exodus

The burden of skyrocketing home insurance premiums in Florida is forcing residents into a financial quagmire, prompting contemplation of leaving the state or seeking more affordable alternatives within Florida. Recent data from the Insurance Information Institute reveals that Florida currently bears the highest home insurance premiums in the nation, averaging over $4,200 per year—more than double the national average of $1,700. While the increased risk of severe weather events contributes to this surge, factors such as excessive litigation and the departure of major insurers exacerbate the crisis.

Governor Ron DeSantis faces criticism for his response, with accusations of a lack of leadership in addressing the mounting insurance crisis. Residents, already struggling with surging premiums, voice concerns about the financial strain, with some contemplating relocation. Individuals like Robert Kantor in Broward County and Vincent Tropea in Boca Raton share stories of doubled premiums and financial challenges, considering moves to other states.

Cheryl Mandel, a 40-year Florida resident, discloses that her personal condo policy doubled in recent years, pushing her to explore moving to a more affordable area or leaving Florida altogether. Giuseppe Trafficante emphasizes the dire consequences for condo owners, expressing frustration over mandatory increases imposed by condo associations.

The dire situation resonates with retirees, including a California-born Navy retiree on a fixed income, who now contemplates the impact of unaffordable insurance costs. As the crisis deepens, residents grapple with the dilemma of retaining insurance or going without, potentially upending the American dream for many. Newsweek invites readers affected by the insurance crisis to share their experiences.