Florida Homeowners Sell Due to Hurricanes, Flooding and Out of Control Costs
Description
Florida is facing a number of issues related to the insurance market and hurricanes. Insurance premiums are at an all-time high, with many homeowners facing an increase of up to 400%. The recent hurricanes, Helene and Milton, have caused billions of dollars in damage, further straining the insurance market. Some insurers are raising rates, while others are pulling out of the state entirely, leading to a shortage of insurance options. This is leading some homeowners to sell their properties at a loss, while others are hesitant to buy homes in Florida due to the risk of hurricanes. Despite the challenges, some residents are choosing to stay in Florida, citing the benefits of the state's weather, attractions, and overall lifestyle as outweighing the risks of hurricanes. There is also a growing interest in building hurricane-resistant homes, particularly domed structures, which have been proven to withstand even category 5 hurricanes. However, the high cost of building these homes presents a significant barrier for many.
United States
