Home Insurance Costs In Storm-Ravaged Florida Surge $3 Billion
Owner insurance is soaring along the Atlantic Coast from Florida to North Carolina and the Gulf Coast from Florida to Texas home. Massive storms have caused billions of dollars in destruction, and some insurers have pulled out. The premiums have risen high enough, so people who cannot afford rates need to move.
Renewables –Bad News For The Future
According to an analysis by Axios, premiums written by insurers of last resort–Fair Access to Insurance Requirements (FAIR) Plan–have risen in Florida by $3 billion. Louisiana follows this at $339 million.
One effect of these insurance increases is a sharp drop in the value of many coastal homes. As Redfin reported, “Florida’s condo market is faltering as the increasing intensity of natural disasters pushes up home insurance costs.”
After decades of Florida home prices going up most years (except during the financial crisis), the mecca of people who moved south may start to flow in the opposite direction.
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