(NewsNation) — Floridians are facing home insurance sticker shock, with some annual premiums now costing six figures.
James Molinari, who owns a four-bedroom home in West Palm Beach, told the Wall Street Journal that his new homeowners insurance premium is about $121,000, seven times more than a year ago. .
Molinari found a better price at $33,000 from another insurance company, but ultimately decided to put the house on the market. Others in the community told the Journal they made similar decisions because of insurance premiums.
Elsewhere in Florida, Bloomberg reported last month that the state's ultra-wealthy residents are paying more than $620,000 for homeowners insurance.
The recent reports are just the latest example of Florida's ongoing insurance problems, which have pushed the state's average premiums to some of the highest in the nation.
Since 2019, the average annual home insurance premium for Florida residents has tripled from $1,988 to now $6,000.
A combination of extreme weather and a wave of real estate claims fraud created a crisis that caused major carriers to exit the market.
For example, Progressive has not renewed 100,000 home insurance policies in the state, NewsNation affiliate WFLA reported earlier this month.
Some homeowners are now opting out of insurance altogether. According to his 2023 study from the Insurance Information Institute, 12% of homeowners do not have homeowners insurance.
