Surging insurance premiums and HOA fees slow down Florida’s Housing Market
Average yearly home insurance premiums in Florida surged to over $4,231 in 2022 from $2,165 in 2020, according to data from the Insurance Information Institute (Triple-I). Furthermore, they climbed by an additional 42% in 2023, solidifying Florida’s position as the state with the highest homeowner insurance premiums. Forecasts suggest double-digit increases for 2024.
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