(ConservativeFreePress.com) – Many residents in Florida have had to either give up their home insurance coverage partially or completely as a result of its high cost. Some are even considering moving out of Florida and selling their homes while others have already done exactly that according to a Newsweek article.
The insurance premiums in Florida are the highest in the country according to an Insurance Information Institute (Triple I) study. In the last five years, the price for premiums in the state has also tripled, resulting in residents being required to pay over $4,200 each year. By comparison, the study found that the national average is $1,700.
The high costs have also resulted in 15 major insurers, such as Farmers, choosing to completely leave the state. This has been a result of the increase in extreme weather events which have led to insurance prices skyrocketing.
Florida continues to be a dream destination for Americans who are looking to move to a sunny area with low taxes, and in 2022 it managed to be the state that had attracted the highest number of new residents. However, the high price of home insurance is now causing many people to consider leaving the state.
The U.S. Census Bureau has found that in 2022 an estimated 275,666 people had left Florida to relocate to Texas, South Carolina, Tennessee, North Carolina, and Georgia.
Retired Illinois teacher Joan Keenan, who had first moved to Florida two years ago with her husband, stated that the situation with insurance in Florida was a “nightmare.” She added that because of the high insurance rates their financial dreams have had to change.
Copyright 2023, ConservativeFreePress.com