JACKSONVILLE, Fla. – One in three Floridians who get dropped by their homeowner’s insurance company have moved or plan to move somewhere else.
It’s new data that was just released by the real estate brokerage firm Redfin, but according to Florida’s Chief Financial Officer, there are ways struggling families can save money.
More than 70% of Florida homeowners are seeing rising premiums or changes in coverage when it comes to their property insurance.
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Researchers say some have jumped ship and moved and a large percentage of families are choosing not to insure their houses at all.
According to data from Redfin, when asked, “Did you do any of the following after your insurance company stopped offering coverage for your home?”
- 33% of respondents replied that they moved, or plan to move to a new area
- 30% of homeowners said they are staying in their homes with little or no coverage
- 45% are paying the higher premium
- 46% found a new insurer
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“And to be honest, many homeowners that moved here from other states or in recent years, didn’t realize how high the costs were of home insurance, and how much that would impact their family’s budget. So people are making decisions to move out,” Insurance Information Institute’s Mark Friedlander said.
Friedlander added that going without insurance on a home is a risky proposition. But on a positive note, he says there are many indicators that Florida’s Property Insurance crisis is improving.
“We’re finally starting to see some stability in the Florida property insurance market after so many years of volatility. We knew there were legislative reforms that would help, people expected immediate relief, that did not happen. But now we’re seeing some very positive signs to us,” he said.
Citizens successfully decreased the number of policies it covers through what’s called “depopulation.”
Florida’s Chief Financial Officer Jimmy Patronis said he wants to make sure homeowners are aware of initiatives that could save them money if they harden their home, through the states My Safe Florida Home Program.
″Right now in the state of Florida, there’s a sales tax exemption on windows and doors, if you’re going to buy impact resistant, this has generated over $450 million worth of savings in sales tax to Floridians that participated. And it sunsets on June the 13th,” Patronis said.
Patronis said Florida is also providing free windstorm mitigation inspections, which right now is out of money, but he said the legislature has appropriated more funding which has yet to be approved.