Imagine saving for years to buy your dream house, only to have surging property insurance costs keep homeownership forever out of reach.
This is a common problem in Florida, where average insurance premiums cost homeowners an eye-watering US$6,000 a year. That’s more than triple the national average and about three times what Floridians paid on average for insurance premiums in 2018.
What’s more, several major insurance carriers have left the state over the past year, leaving residents with limited alternatives.
As a law professor who specializes in disaster preparedness and resilience, I think it’s important to understand what’s driving costs higher – not least because other states could soon face a similar predicament.
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