It will come as a surprise to no one that the majority of Florida and California homeowners say they have been affected by rising property insurance costs.
A survey by Redfin, a U.S. real estate broker, found that just over 70% of Florida homeowners said that they or they area in which they reside have been hit by higher insurance costs or changes in coverage. Some 12% of Florida homeowners surveyed also said they had been dropped by their insurer and the same percentage said that rising premiums and natural disasters are reasons behind their plans to move to another locale.
In California, some 51% of respondents have seen rising premiums or reduced coverage for their homes or others nearby, the Redfin report noted. And 13% of those who plan to relocate cited natural disasters and climate risks as a reason.
The survey numbers were well above the national average, Redfin said.
The report also found that only one third of U.S. homeowners seem to know which natural disasters are covered by their insurance policies. The same level of U.S. real estate agents, 34%, said they had experienced an increase in issues related to home insurance over the past year. In Florida, the percentage was 73%. In California, 64% made the statement.
The full report can be seen here.
Topics
California
Florida
Trends
Homeowners
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Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.