Priced Out: 1 in 3 Floridians who get dropped by their homeowners insurance company are choosing to move: study findsPriced Out: 1 in 3 Floridians who get dropped by their homeowners insurance company are choosing to move: study findsFILE - Trucks and a resident on foot make their way through receding floodwaters in the Sailboat Bend neighborhood of Fort Lauderdale, Fla., April 13, 2023. Over 25 inches of rain fell in South Florida since Monday, causing widespread flooding. Florida Gov.
“And to be honest, many homeowners that moved here from other states or in recent years, didn’t realize how high the costs were of home insurance, and how much that would impact their family’s budget. So people are making decisions to move out,” Insurance Information Institute’s Mark Friedlander said.
“We’re finally starting to see some stability in the Florida property insurance market after so many years of volatility. We knew there were legislative reforms that would help, people expected immediate relief, that did not happen. But now we’re seeing some very positive signs to us,” he said.