Florida residents How do you afford insurance?

[M-technik-3]

Every other storm it seems insurance companies stop covering residents and paying claims yet they raise everyone elses rates nationwide to cover their costs.

At what point is Florida uninhabitable? I feel bad for folks that can't just pick up and move.

[erickonphoenix]

Good question, we moved my mom off the Texas Gulf Coast largely due to homeowners insurance increases. Wind, flood and fire were three different policies and the totals were nearing her mortgage payments.

[kscarrol]

Go ask folks in CA about earthquake or fire coverage. State Farm is threatening to leave CA altogether, it’s not just a Florida issue.

[IanH]

"We can't profit off you anymore so get bent, we out" - the cartel

[RickFLM4]

We don’t pay state income taxes, so that helps. I pay about $6K/year for insurance with 2% deductible and expect I’d pay more than that in state income tax if we had one.

Also, our property value assessment increases are capped for primary residences. I pay about $6K for property taxes in our home we’ve been in since 2002 and that is well under 1% of property fair value.