'It's a hellscape many of us are seriously considering escaping,' one reader told Newsweek.
The rising cost of home insurance in Florida is pushing many residents to give up on coverage partially or altogether, selling their homes and even considering moving out of the state, readers told Newsweek. Some have already taken the plunge and left the state that they once considered heaven on Earth.Florida's insurance premiums are the highest in the country, according to a recent study by the Insurance Information Institute , and have tripled in the past five years.
Why Are People Selling, Dropping Their Coverage, Or Moving?Mike Derham, who owns a three-bedroom holiday home on Melbourne beach with his family, told Newsweek that the house now costs $11,000 per year to insure. 'We will be selling up,' he said.Scott R. Borchert said his insurance doubled in 2023, going from $2,760 to $5,200. He had to change insurance companies and drop his sinkhole coverage to get it down to a more manageable $3,200.