Insurance Blues Drive Exodus: Florida Residents Moving Interstate
According to recent reports, the surging cost of insurance is driving people out of Florida.
A report from the US Census Bureau shows that over 275,000 people left Florida and moved to another state in 2022. Of those leaving Florida, the most popular state to relocate to was Georgia (46,884), followed by North Carolina (42,301), Tennessee (36,200), South Carolina (31,456), and Texas (29,975).
According to experts, a significant reason for leaving Florida is skyrocketing insurance rates. Newsweek reports, "Home insurance premiums have tripled in the state in the past five years, with residents currently paying more than $4,200 per year on average. The national average is $1,700."
“When you have a home that’s one million dollars or less, your insurance premium becomes higher than your mortgage.” Oscar Seikaly, chief executive of NSI Insurance Group
The Wall Street Journal reported that even the mayor of Palm Beach County, Gregg Weiss, decided to drop his insurance when the premium doubled to about $20,000.
“I know a lot of people who have done the same thing. The market doesn’t make sense anymore” Greg Weiss
A lot of the blame is falling on Florida Gov. Ron De Santis.
Newsweek states, "The Republican governor has been accused of dragging his feet on the mounting insurance crisis in Florida, with Democratic Representative Maxwell Frost recently accusing him of a "lack of leadership." Frost sent him a letter outlining concerns raised by his constituents.
"What I heard emphasized the harm directly caused to Floridians by your lack of leadership to properly regulate the insurance industry, mitigate the destruction of extreme weather events, and make informed legislative decisions to solve the problem. I request an urgent meeting to discuss my constituent's concerns and hear your plans for a solution to this crisis." Representative Maxwell Frost, Florida's 10th Congressional District
The surge in insurance has sparked much debate on social forums such as Reddit from Floridians, discussing how much their premiums have risen and who is to blame.
"Floridians can't afford Florida anymore. Everything doubled and tripled except for the wages.
"This is 100% Desantis' fault. Instead of staying here in Florida, calling a legislative session to try and tackle this issue, he’s banning books flying migrants to Martha’s Vineyard and going around the country trying to be president. It’s not completely all his fault; all the other GOP legislators in the state all went along with this and changed the laws around so he can do both."
Are you surprised by these figures? Have you considered leaving Florida? Is the cost of insurance too high in the state? Is there anything Gov. DeSantis can do to stem the exodus?
Please leave your thoughts in the comments section below and share this article with others so more people can join the discussion.
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