Florida and California are facing a significant insurance crisis, with homeowners grappling with soaring premiums and a growing number of properties going uninsured. In Florida, one homeowner's insurance premium in Sarasota has skyrocketed by 6 times since 2014, from $217 to $1380 per month, despite being located far from the water in a modest home. This situation is causing over 66% of surveyed Florida residents to consider moving due to the unaffordable premiums, according to an informal survey of limited respondents. The state leads the nation in homeowners shedding coverage, with 15% to 20% of Florida homeowners forgoing insurance, compared to the 12% national average. Climate change is contributing to an increase in large wildfires in the US, further driving up insurance rates in both states. The Insurance Information Institute notes that the situation is putting people, lenders, and communities in an unprecedented position, with a snowballing number of uninsured homes, particularly in California and Florida, where 20%+ of homes in some places are uninsured.
"Am I going to be able to afford my house?": #Florida homeowners still dealing with soaring insurance premiums https://t.co/t3kNBNCZGX via @AlinaNBC6
Wildfires and climate change have upended California with insurance companies pulling back, leaving a coverage crisis that is tailor-made for the new state Senate leader. https://t.co/tEJflbUV96
"Climate change helping drive an increase in large wildfires in the US." (via @USATODAY) https://t.co/Rgwj9EBo1J
Why insurance rates have been surging in California and Florida https://t.co/O5DzeSbxXG
Climate change helping drive an increase in large wildfires in the US https://t.co/flRlr3cfwX
The Florida insurance spike is beyond insane. https://t.co/gtlb3y7G47
“Florida leads the rest of the nation homeowners shedding coverage. According to the Insurance Information Institute, 15% to 20% of Florida homeowners are forgoing coverage, more than the 12% national average.” https://t.co/wPBnlNkWEF
The next natural disasters in California and Florida are going to be interesting. There’s a snowballing number of uninsured homes (20%+ in some places) — putting people, lenders, and communities in an unprecedented position. https://t.co/PE98ehqOLH https://t.co/l5kPuqrlTq
Unsettling. Lyn has seen her Sarasota insurance premium increase by 6X since 2014, from $217 per month to now $1380 per month. And she’s far from the water in a modest home. How can anyway afford to continue this? https://t.co/zJcxUsOn9h https://t.co/wkdWh3dxIu
“Over 66% said they are considering moving out of Florida because of the premiums” (informal survey of limited respondents, but still) https://t.co/AYjkSK5isw https://t.co/4RE5Auksvf https://t.co/mtHJNQvkn0