http://www.cnn.com/2022/09/30/business/florida-homeowners-insurance-ian/index.html
We are already paying 3x the national average for homeowners insurance here, and now it's about to go up another 30-50% because of Ian, IF they don't drop you. On the local news, legislators are going to have a special session and it's do-or-die time. The last session did not provide any relief for us. They predict the monthly homeowner's insurance payment will be more expensive than their monthly mortgage payment if nothing is done.
Truthfully, not sure what they can do, but I suspect a lot will have to sell and move out of state along with many walking away from homes with total flood loss that their insurance doesn't cover. Flood insurance is not required if not in a flood zone and your hurricane coverage doesn't touch that.
Buyer's market soon with foreclosures, damaged homes for flippers...it's hard for lower to middle-class families to hang on. |
