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350 to $400,000 range, before reality hit. our ultimate goal was to find that upgraded home that allowed us to grow our family, and the increases in rates and having to account for homeowners insurance and so forth, we ve really had to scale that back. reporter: in the aftermath of destructive hurricanes, the cost of home insurance in florida has increased 100% since 2020. it really is putting a crunch on what buyers can afford to buy, where they can afford to buy, or even for some of our sellers, they re looking at leaving the state to find something more affordable. reporter: the insurance industry says it s not just the weather, but the fraud and litigation are why home insurance premiums have skyrocketed in florida. according to the state s office of insurance regulation, while florida accounts for 9% of homeowner insurance claims in the u.s., it also accounts for 79% of all property claim lawsuits. the struggling insurance market here in florida has been burdened with liti ....
Transcripts for KNTV NBC Nightly News With Lester Holt 20240604 23:00:45 archive.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from archive.org Daily Mail and Mail on Sunday newspapers.
reporter: a temporary housing situation now feeling more permanent, with the home of their dreams on hold. for nbc news, is an nika dange, orlando, florida. still ahead, why it might be harder to find georgrgia peacheses at t the supermamarket this summemer. ....
Severe weather threat. some 18 million people are at risk for severe storms tonight. the big areas of concern are the southern plains across to the southeast, all at risk for very large hail, strong winds, and downpours. and more destructive hurricanes are part of what s driving up the price of home insurance here in florida. up an astonishing 100% in just the past few years, and it s leaving some would-be home buyers priced out. sanika dange of our orlando station west 2 explains. reporter: when bright any huey and her husband sold their florida home two years ago and put all their stuff in storage, they thought it would be temporary. the family of three moved in with brittany s mother, hoping to save for a bigger house. what we wanted to sell, take advantage of the equity that had grown in the house over the time that we had owned it. reporter: they hoped to move out in two months, looking for a four-bedroom, two-bath home in the ....
Stronger and more costly, the crisis is reaching a breaking point. is the insurance market in florida right now working the way it is? it s not at peak efficiency right now. i think it s been hobbled by a number of storms that have hit. i think it s been hobbled by the legal environment. reporter: florida recently passed legislation to address the crisis. but none of it is a magic wand, unfortunately, that s just going to heal florida s home insurance market right now. this is going to take a couple of years. reporter: since the start of last year, more than 20 home insurance companies in florida have either stopped writing new policies or gone out of business. and it s not just florida. statefarm and allstate have stopped offering new homeowner insurance policies in california, colorado and louisiana are also seeing insurers stop business. meanwhile, home buyers like brittany are left in limbo. where do we get the break? there has to be a give at some point. ....