Florida Insurance Bills Surge More Than 100% Due To Climate Change Ruin

Decades of increasingly strong hurricanes and rising sea waters have caught up to Florida homeowners and commercial owners. Insurers, unwilling to take huge losses, have raised rates as high as 125% this year, with commercial rates hit particularly hard. This trend for both types of structures will undoubtedly push down property values and cause some people to leave their homes due to unaffordable home ownership costs. 

Residential real estate is not the only type affected. According to The Washington Post, “With Florida being threatened by more powerful hurricanes, commercial-property insurance costs last year surged at nearly five times the national pace, according to credit rating firm AM Best Co. Inc. “

While the Post focused on the prices for commercial assisted living facilities, the residential problem is more widespread. Areas along the Gulf and Atlantic Coast have been hit so hard that some insurers have left the state. With forecasts that large cities like Miami will be partially underwater in a few decades, homes and businesses will be ruined. Insurance companies have a specific focus on what will happen in the future. 

Rising insurance rates are inevitable in Florida because of climate change.

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