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7 in 10 Florida homeowners affected by insurance, Redfin report says

Study also found 12% of Floridians say they've been dropped by an insurance company
Posted at 6:21 PM, Apr 18, 2024
and last updated 2024-04-18 22:34:43-04

LAKE WORTH BEACH, Fla. — These new numbers in a report from online relator Redfin may not come as a surprise to many.

The report said 70.3% of Florida homeowners have been affected by rising homeowners insurance costs, well ahead of the nationwide figure of 44.6%.

"I would think that 70% seems low," Gregory Buck, from National Risk Experts in Palm Beach Gardens, said.

Gregory Buck shares his thoughts on a new Redfin study on how high insurance costs are affecting Florida residents.
Gregory Buck shares his thoughts on a new Redfin study on how high insurance costs are affecting Florida residents.

Buck said seniors living in condos are feeling it the worst since they are on fixed incomes.

The news comes as small glimmers of optimism have entered the insurance marketplace with new companies coming to the state because of litigation reforms and many insurers showing a profit for the first time in many years.

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'That's a huge change:' 2 more insurance companies look to lower rates

Matt Sczesny
6:58 PM, Apr 16, 2024

The study also found that 12% of Floridians said they've been dropped by an insurance company. Also, 12% now have plans to move.

"The bottom line is our people are saying we have to look," Buck said. "We have to move. We don't have a choice, and they're not going to move down the street. They're going to have to move to north Florida and up."

If you have a question or comment on insurance, email WPTV reporter Matt Sczesny at matt.sczesny@wptv.com