Soaring home insurance premiums in Florida are putting residents under unbearable financial pressure, with many telling Newsweek that they are considering leaving the state or moving somewhere cheaper within Florida.
Florida currently has the most expensive home insurance premiums in the country, according to a recent report by the Insurance Information Institute.
Premiums have surged in recent years. This is due in part to the increased risk of devastating weather events like hurricanes, other factors—including an excess of litigation due to fraud, bad faith, and incompetency on the Carrier side and due to some bad apples on the consumer side and the dropping out of major insurers from the state.
Governor De’Santis has been accused of dragging his feet on the mounting insurance crisis in Florida. Recently Democratic Representative Maxwell Frost accused him of a “lack of leadership.”
In a previous comment to Newsweek, DeSantis spokesperson Jeremy Redfern said that the governor has already acted to address the crisis, but it would take time for Floridians to see the results of his policies. How much time is anyone’s guess.
Meanwhile, many Floridians are struggling to pay their surging insurance premiums. While the insurance companies have seen immediate and meaningful forms of relief from De’Santis – which in turn has also attracted 6 new carriers to start writing policies in Florida, Florida consumers have not seen any meaningful relief. Time is running out for Floridians to see the monetary results of all the actions of DeSantis.
For all the good reasons people live and migrate to the Great State of Florida, it will be a shame to see residents flee the state simply because the government can’t create good insurance policy and monetary relief for its residents.
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