Rolling the dice: Homeowners try going without property insurance
Projections of a very active and dangerous hurricane season aren't lost on
Yet the 80-something
And, he said, he knows a lot more people who are in the same boat.
"We had a claim after Ian with Citizens and it all worked out well,"
He said they lived in the area for 21 years — and the Ian claim was their first time using the insurance.
"We talked about moving back to
Property insurance rates — not even counting the new
So far, several have left
The only good news is that some new insurers are moving into the state.
"There are more and more insurers coming into the market and that should stabilize the rates over the next 12 to 18 months," said state Rep.
But, he added a caveat.
"That said, executives are telling us that the cost of reinsurance (the insurance companies buy to cover any big payouts) is going to increase over the next 10 years because of inflation, building costs and so on."
The outlook for cheaper insurance just doesn't look good.
CLIMATE CATASTROPHES AND INFLATION
Insurify, an insurance comparison website, states Floridians pay the highest property insurance rates in the nation.
While rates get lower as you move to the northern counties in
"Climate catastrophes and inflation," he said are the main culprits that are sending rates soaring so quickly.
Gardner said Insurify surveyed homeowners nationwide about their insurance costs and how the high rates impacted their finances and ability to own a home.
Some of the data revealed that:
Six of the 10 most expensive cities to insure a home in the
Gardner said people moving to
He added though that while people in
As far as new companies moving in to ease the burden, he's unsure.
"It's hard to say," Gardner said. "
Meanwhile, Hollomon said he is watching on the Internet and sees that dozens of people are making the same decision he is about taking their chances without insurance (other than liability).
"I am absolutely worried about this hurricane season," he said. "But I feel I'm stuck. We're in our 80s and have a modest income.
"I just hope the state can help."
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