Florida homeowner s insurance rates are stabilizing: Experts wtsp.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wtsp.com Daily Mail and Mail on Sunday newspapers.
Less than two years ago, Hurricane Ian destroyed more than 5,000 structures in Lee County in Southwest Florida and caused major damage to 14,000 others. Now, from rebuilding efforts, more bad news has emerged: A federal agency says local officials weren’t following its rules, so more than 100,000 local homeowners will face spikes in flood insurance rates later this year. Intense .
In Florida, homeowners are grappling with insurance rates that are nearly three times the national average, a situation that has prompted concerns at both the state and federal levels. The average cost of home insurance in the Sunshine State has soared to approximately $6,000 annually, significantly outpacing the national average of about $1,700. This surge in premiums is attributed to a 102% increase over the past three years, according to the Insurance Information Institute. Gov. Ron DeSantis
Gov. DeSantis is laying it bare, saying the Citizens Property Insurance Corporation “is not solvent,” meaning it could go bankrupt if a major hurricane hits Florida.