Insurance rates have been climbing for a number of reasons: Storms have become more frequent and severe, inflation and labor shortages have driven up the cost of repairs and home values have increased, requiring larger policies. The biggest jumps occurred in Texas, Arizona and Utah, which were among 25 states in total that posted double-digit surges last year. In some places, including Florida, rates are up more than 40 percent over the past five years.
Tag: inflation and home insurance
Hundreds of Citizens Policies Dropped after Home Values Exceeded $700,000 Cap
Rising inflation has made it difficult for hundreds of Florida homeowners to obtain affordable property insurance. According to new data from Citizens Property Insurance Corp., Florida’s “insurer of last resort,” the company dropped 2,267 policies statewide during the 12-month period ending June 30 because the replacement value of their homes exceeded $700,000. Except in Miami-Dade… Continue reading Hundreds of Citizens Policies Dropped after Home Values Exceeded $700,000 Cap