Florida collapse just got worse. Insurance premiums spike 100%.
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Published 2024-06-28
The average cost of property insurance in Florida is now over $11,000/year. Which is causing many homeowners to be forced to sell their properties. As a result - homes for sale on the Florida housing market is rising fast in 2024, particularly in metros like Miami, Tampa, and Orlando.
Another issue plaguing Florida is overbuilding. Apartment developers went crazy permitting new luxury apartments during the pandemic, and now there is a big spike in vacant deliveries into Miami's apartment market. Many of the luxury apartments are sitting empty and some are cutting rent.
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All Comments (21)
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Insurance rates up 100% in Florida over last 3 years. Citizens is doing ANOTHER insurance hike of 14%. The crisis will only get worse. Inventory will keep hitting the market. The question is: will it be enough to bring down prices in a market like Miami? Track the data for your city and ZIP code in Florida on Reventure App: www.reventure.app/
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Back in the day, when I purchased my first home to live-in; that was Florida in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
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To my own research In USA, individuals living in cars due to partial homelessness result from a complex interplay of factors. High housing costs relative to income, stagnant wages, and income inequality drive this issue. Job loss, weak social support, medical expenses, evictions, and lack of affordable housing also contribute, while systemic problems and inadequate policies further perpetuate the phenomenon.
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One more thing: If you're going to live in Florida, DO NOT LIVE ON THE COAST! Not only is it incredibly expensive, but your hurricane risk means you could lose everything. Stay inland where it is much hotter AND safer. The chance of Orlando getting hit by a Cat 5 hurricane is near ZERO. A Cat 5 on the coast will be a Cat 3 by the time it moves inland and even a direct hit will be around 115mph Max winds. Your home will survive! You might need new shingles, but that's it. Location is critical in a hurricane state. I've been here over 30 years and know what I am talking about.
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I cancelled all 8 of my policies on my rental homes in 2023. I'm now among the self-insured. My houses are in a relatively safe county (Marion) yet the premiums went up between 80-130%. Screw the insurance companies!!!š”
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Forced to sell a home is bad but what's worse is when your forced to sell and no one is buying.
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Florida- New York prices, West Virginia wages.
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I live in Miami in a town house which I own and itās 1200 square feet. My HOA insurance covers my roof and walls. So I have to just get dwelling insurance. I went from 1100 to 1200 to 1800 to 3900 and my renewed is in July and it went to 4100. I only qualify for citizen. So this is very true about the insurance.
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Understand your points, and agree with most of them but one correction: We have a local program called āSave Our Homesā where people who homestead are capped at a max of 3% increase per year in property taxes. This would effectively make it impossible for peoples property taxes to double in 4 years. This is obviously limited to those who make their primary residences in Florida, but they do make up a majority of situations.
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Lived in FL for 34 years. What the primary causes are predatory roofers with assignment of benefits claims, shoddy roof jobs, the big ambulance chasing legal firms, shoddy house construction. Auto insurance is the same.
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For a piece of junk property, people in California are willing to pay close to $1 million. California is losing people and businesses, yet the cost of homes there hasn't decreased. Here, nothing makes sense.
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Sounds like a correction in price is coming. Thatās good for Florida.
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Why would you build an apartment building with an apartment cost of $3K when the medium household income is $70K? Who were they catering to?
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Just met a guy today selling his house here in Jacksonville..moved from DC 2yrs ago & going back WOW.. Video on POINT šš¾
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Crushed by: home insurance, property tax, HOA FEES and assessments.
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Bought my house in The Netherlands in 1990 for 60.000 Dollars (converted currency). I sold my house in 2010 for 200.000 Dollars. In 2020 the house was listed for 300.000 Dollars. In 2024 that same house is sold for 450.000 Dollars. It's just mental.
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Realtors are still blowing smoke up owners butts with what their house value just to get the listing too. You said it all in one wordā¦..GREED.
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Greed rules our country.
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Florida has always been a Boom/Crash state. Thanks Nick!
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I moved to Tampa back in 2021. The prices are insane throughout most of Florida. My rent went up $400 in one year. I am so ready to move.
