Part 4/9:
Moreover, the burgeoning cost of homeowners' insurance has further complicated the Florida real estate landscape. On average, homeowners are paying about $10,000 for insurance, partly due to the increased risk of hurricanes and older home structures. A subset of Florida's homeowners, approximately 15% to 20%, are choosing to self-insure, a strategy many experts warn against, especially given the state's susceptibility to natural disasters.
Governor DeSantis has acknowledged the overwhelming pressure on homeowners and has recently announced some rate reductions for specific areas in South Florida. While these efforts may provide some relief, challenges remain prevalent, particularly for residents in Southwest Florida who may not benefit from these cuts.