florida property insurance

Florida Leads Nation With Half Of Residential Floodplain Development

Construction in flood-prone areas, which includes land near bodies of water and low-lying land, increases the likelihood of more damaging floods in those areas. According to a study conducted by the University of Miami Rosenstiel School of Marine, Atmospheric, and Earth Science, South Florida alone accounted for 124,090 residential properties developed on 34,560 acres of floodplain land between 2001 and 2019.

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Hurricane Debby Is Fading; Florida’s Hellish Insurance Crisis Isn’t

As Debby lurches up the East Coast—depositing heavy rains as far north as Vermont—Floridians continue to grapple with a storm whose effects won’t be leaving them anytime soon. Worsening weather has meant bigger payouts in Florida and also led to a dramatic, global rise in the cost of reinsurance—essentially, insurance for insurers, the cost of which companies pass on to their customers.

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Florida Is Beginning To Lose Homeowners Over High Insurance Premiums

According to the Insurance Information Institute, Florida insurance premiums have gone up by 300% in the last five years. The average cost of home insurance in the U.S. is $1,700, whereas Floridians pay over $4,200 annually if they can get insurance at all. The U.S. Census Bureau shows that nearly 276,000 people left Florida in 2022, and it’s believed that skyrocketing insurance premiums motivated many of the departures.

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