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Doesn't Florida have an insurability problem that's becoming a crisis? At the end of the day, I'm guessing that most people price housing as mortgage + insuran

Doesn't Florida have an insurability problem that's becoming a crisis? At the end of the day, I'm guessing that most people price housing as mortgage + insurance. If insurance costs go up, the price of the underlying property has to go down in order to meet a monthly payment target. So some of that is probably already going on.

toomuchtodo 1y ago
Yes. Florida has the highest insurance costs in the US. Many are going without insurance if they don’t have a mortgage that will force placement of insurance. > Florida currently has the most expensive insurance premiums in the nation. According to data by Insurify, a national insurance data collection group, Florida's projected cost of property insurance averages about $11,000 a year. > ValuePenguin’s study shows Florida’s property insurance has increased 72% in the last five years, with the number of homeowners who can’t get coverage through private insurers going up 400%. The US is currently spending ~$1T/year on climate costs. https://www.cfpublic.org/housing-homelessness/2025-01-10/central-florida-homeowners-join-rising-trend-opting-out-of-property-insurance https://www.cfpublic.org/housing-homelessness/2025-01-10/cen... https://www.newsweek.com/map-reveals-scale-florida-property-insurance-crisis-1920042 https://www.newsweek.com/map-reveals-scale-florida-property-... https://www.bloomberg.com/news/articles/2025-06-17/us-spending-on-climate-damage-nears-1-trillion-per-year https://www.bloomberg.com/news/articles/2025-06-17/us-spendi... | https://archive.today/EBmaI https://archive.today/EBmaI https://www.theguardian.com/environment/2023/oct/09/climate-crisis-cost-extreme-weather-damage-study https://www.theguardian.com/environment/2023/oct/09/climate-...
VWWHFSfQ 1y ago
> most people price housing as mortgage + insurance I would go as far as to say it's actually mortgage + insurance + taxes in most states. Very likely to be paying anywhere from $5,000 to $10,000 in county + school taxes per year which by itself is enough to make the home suddenly unaffordable even if you bought it 10 years ago at a great price and rate.
- ipython 1y ago
  + HOA fee (condo HOA fees can easily add up to several hundred $$ per month)
- SoftTalker 1y ago
  Yep my taxes and insurance escrow payments are a larger part of my total monthly payment than the loan is.
mosdl 1y ago
You also need to include property taxes.

toomuchtodo 1y ago

Yes. Florida has the highest insurance costs in the US. Many are going without insurance if they don’t have a mortgage that will force placement of insurance. > Florida currently has the most expensive insurance premiums in the nation. According to data by Insurify, a national insurance data collection group, Florida's projected cost of property insurance averages about $11,000 a year. > ValuePenguin’s study shows Florida’s property insurance has increased 72% in the last five years, with the number of homeowners who can’t get coverage through private insurers going up 400%. The US is currently spending ~$1T/year on climate costs. https://www.cfpublic.org/housing-homelessness/2025-01-10/central-florida-homeowners-join-rising-trend-opting-out-of-property-insurance https://www.cfpublic.org/housing-homelessness/2025-01-10/cen... https://www.newsweek.com/map-reveals-scale-florida-property-insurance-crisis-1920042 https://www.newsweek.com/map-reveals-scale-florida-property-... https://www.bloomberg.com/news/articles/2025-06-17/us-spending-on-climate-damage-nears-1-trillion-per-year https://www.bloomberg.com/news/articles/2025-06-17/us-spendi... | https://archive.today/EBmaI https://archive.today/EBmaI https://www.theguardian.com/environment/2023/oct/09/climate-crisis-cost-extreme-weather-damage-study https://www.theguardian.com/environment/2023/oct/09/climate-...

VWWHFSfQ 1y ago

> most people price housing as mortgage + insurance I would go as far as to say it's actually mortgage + insurance + taxes in most states. Very likely to be paying anywhere from $5,000 to $10,000 in county + school taxes per year which by itself is enough to make the home suddenly unaffordable even if you bought it 10 years ago at a great price and rate.

ipython 1y ago
+ HOA fee (condo HOA fees can easily add up to several hundred $$ per month)
SoftTalker 1y ago
Yep my taxes and insurance escrow payments are a larger part of my total monthly payment than the loan is.

mosdl 1y ago

You also need to include property taxes.