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Florida's Real Estate Challenge: Home Insurance Costs Rising (Part 1)

cost of ownership homeowner policy insurance real estate challenge rising costs Feb 19, 2024
home insurance bill increase florida

This week, we started a series going in-depth on the biggest challenge facing the Florida real estate market: rising homeowner insurance costs. ๐Ÿ˜จ

This is an important topic because it's affecting a tremendous number of people in the state.

Homeowners are starting off the year with escrow statements showing big shortages (and therefore increases in their mortgage payment).

People who bought a home a year or two ago are getting the update and calling their real estate agent asking "what is going on with my mortgage payment? How can I get this back down?" ๐Ÿ˜ก

And renters will most likely be facing higher renewal rates as landlords pass on the higher costs.

Let's look at the data to see exactly what's going on. ๐Ÿง


Florida's #1 Real Estate Challenge

According to data from Florida's Office of Insurance Regulation, premiums are up across the state over 20% in less than 2 years for both single family homes and condos. ๐Ÿคฏ

Things aren't as bad if you're in a condo, but 20%+ is a big change.

Zooming in on Jacksonville (single family), you can see that it's not just coastal counties feeling the pain.

Baker County premiums have increased by a whopping 37%. ๐Ÿ˜ญ

The rest of Jacksonville counties are more in line with the state's average change.

As we move forward exploring this topic, I'm going to cover why insurance premiums are going up, what we can expect in the future, and how you can take action to help limit the increases on your policy.


Finding Opportunity  

This week's focus was on identifying a challenge and quantifying it's impact.

Florida's economy and real estate markets are incredibly strong (especially compared to other areas in the country), but we need to keep our eyes on the full picture. ๐Ÿ‘€

It's a pro move to maintain balance in our focus.

It adds credibility and builds trust.

And it helps manage expectations with your clients who are making moves right now.

As we continue to increase our value to our clients and grow our expertise in local real estate, we have to stop preaching that real estate is the perfect investment without any risks. ๐Ÿ™…‍โ™‚๏ธ

Instead, we educate on the incredible value real estate can bring to your life and the challenges you should be aware of so you're not caught off guard. ๐Ÿ‘

Remember: all frustrations stem from unmet expectations. ๐Ÿ’ก

I'll see you next week with more on this topic.

Dr. Alex Stewart


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