Posted 1/22/2024, 8:00:01 AM
Florida's Soaring Home Insurance Costs Threaten Housing Market
- Florida homeowners pay the highest insurance premiums in the U.S., averaging $6,000 per year
- Insurers are exiting Florida due to increased risk from extreme weather and fraud
- 1.3 million Florida homeowners rely on state-run Citizen Property Insurance
- Lack of affordable insurance prevents people from getting mortgages to buy homes
- First-time and retiree homebuyers may be priced out, potentially depressing home prices