(NewsNation) — Floridians are facing home insurance sticker shock, with some annual policies now costing six figures.
James Molinari, who owns a four-bedroom home in West Palm Beach, told the Wall Street Journal the new rate for his homeowners insurance came in around $121,000 — seven times more than the year before.
Molinari found a better price from another insurer for $33,000 but ultimately decided to put the home up for sale. Others in the community told WSJ they made a similar decision due to the cost of insurance.
Elsewhere in the state, Florida’s ultra-wealthy are paying upwards of $620,000 for homeowners insurance, Bloomberg reported last month.
The recent reports are just the latest example of Florida’s ongoing insurance problem, which has pushed average premiums in the state to the highest level in the nation.
Since 2019, the average annual home insurance premium for Floridians has tripled from $1,988 to $6,000 now.
A combination of extreme weather and a wave of fraudulent property claims scams have contributed to the crisis, driving major carriers out of the market.
For example, Progressive is not renewing 100,000 home insurance policies in the state, NewsNation affiliate WFLA reported earlier this month.
Now, some homeowners are forgoing insurance altogether. A 2023 survey from the Insurance Information Institute found that 12% of homeowners don’t have homeowners insurance.