Florida Homeowners Are Relocating in Droves Over Insurance Crisis

The skyrocketing cost of home insurance in Florida is causing residents to consider relocating, according to a survey by real estate brokerage Redfin.Some 11.9 percent of homeowners in the Sunshine State who told Redfin that they plan to move in the next year said they were doing so because of climbing insurance costs, roughly twice the number of U.S. homeowners who, on the national level, are planning the same .

Other insurers are canceling policies or choosing not to renew them, leaving Florida homeowners with fewer options and higher premiums.The challenges faced by the Florida insurance market are painfully felt by homeowners in the state.Nearly three-quarters of Florida homeowners said they or the area where they live in has been affected by rising home insurance costs or changes in coverage in the past year.

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