The Re-Risking State

The Limits of Property Insurance in Florida

Web publication (2024)

Authors

Z.J. Taylor Urban Development Management
Research Group
Urban Development Management
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Published Date

2024

Language

English

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Research Group

Urban Development Management

Abstract

Florida’s property insurance market is in crisis. Many of the Sunshine State’s insurers are raising rates or pulling out of communities, zip code by zip code. The average Florida homeowners insurance premium rose to nearly $11,000 in 2023, with notably higher rates in coastal South Florida cities—the costliest in the nation. This brewing insurance affordability crisis is particularly acute for Florida’s half-million housing cost-burdened households with mortgages, who must continue to purchase insurance or face default on their mortgage. That’s because mortgage lenders require borrowers to maintain insurance—a measure designed to protect the banking system, but which also places many frontline households in a serious affordability bind.

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