Holly Meyer Lucas estimates that as many as 30 out of 100 houses her team sold in Jupiter, Fla., were due to owners struggling with rising home insurance costs, often sold to buyers who could forego insurance due to cash purchases.
Premium rates for owner-occupied housing surged 11.3% on average nationally in 2023, with storm risks, inflation, labor shortages, and increased home values contributing. Texas, Arizona, and Utah experienced the largest spikes among 25 states with double-digit increases.
Homeowners, particularly in coastal areas like Florida, are facing up to 40% increases in insurance rates over the past five years. These rising costs are pushing some out of their homes or forcing them to drop insurance, adding significant financial burdens.
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