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.
Free hand of the market is giving them an invisible removedslap.
Soon they’ll be “free” from insurance.
Good. Subsidizing risky behavior, as we do with some kinds of disaster insurance, encourages risky behavior. Rising insurance costs are the market telling people to stop living in certain places. We’d do well to listen and stop living in places like Florida so much.