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Florida Residents Flee State as Insurance Premiums Skyrocket up to 900% (www.newsweek.com)

submitted 1 year ago by [email protected] to c/[email protected]

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The skyrocketing cost of insurance premiums in Florida is leading residents to drop their insurance, consider selling their home, and even move out of the state, according to recent reports.

For years now, the sunny, vibrant state has been a magnetic destination for many Americans—a phenomenon which has been driving up demand for housing, especially during the pandemic, as well as home prices.

But while Florida was the number one state in the country that people moved to in 2022, it was also the one with the highest number of residents wanting to relocate, according to a SelfStorage.

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[–] [email protected] 1 points 1 year ago

There are zero protections where I live They could raise the rent 1,000% if they like.

Every complex in the area raise the rent at the same time from 1700 to 2000 for a one-bedroom apartment.

When I got the renewal offer I checked everywhere and I would have to move an hour away in an area where you wake up to gunfire to pay $1,700 a month again.

I spoke to the manager of the complex to negotiate the rent increase and they just told me it's the "market rate". I've spoke to other neighbors and they have the same rate that I do so it's not a 'punitive rate'

I had like a week to decide so I'm going to ride out this year and leave the area next fall.