WRE News: Soaring Insurance Premiums Burden Florida Residents

Miami, FL – October 25, 2023 – The escalating cost of insurance premiums in Florida is creating financial strain for its residents. The Insurance Information Institute (Triple I) ranks Florida as the state with the highest insurance premiums in the country. Many Floridians are finding it increasingly challenging to afford insurance for their homes. As a result, homeowners are exploring options such as reducing their coverage or entirely forgoing insurance, a practice known as “going bare,” as reported by The Wall Street Journal (WSJ). Florida, known for its sunshine and vibrant lifestyle, has seen rising demand for housing and increasing home prices, making insurance coverage a significant concern. The situation has had serious implications for Florida’s property owners and the real estate market.