Florida's Rising Insurance Premiums and Migration

Insurance premiums in Florida have seen a drastic increase, with some areas experiencing premiums rising up to 900%. According to news articles, 275,000 people have reportedly left the state due to high insurance costs, with premiums soaring from $1,700 to $4,200 per year in certain places. This mass exodus has raised questions about the reasons behind these increases and whether Florida is being targeted. However, it is important to note that while Florida has seen a significant increase in premiums, it still remains number one in terms of net domestic migration, with 318,000 people moving to the state. Other states, such as Texas, Carolina, Tennessee, Georgia, and Arizona, also have net positive migration. The departure of major insurance companies like Farmers from Florida has further fueled concerns about the state's insurance market. Factors contributing to these premium increases and insurance company departures include the high threat of weather-related damage, insurance fraud driven by roofing claims, and Florida's significant share of home insurance claims and lawsuits. Efforts have been made by the state to address these issues, including legislation signed by Governor DeSantis to provide relief and transparency to policyholders, as well as crackdown on fraudulent claims and insurance scams.