Why are so many insurance companies pulling out of providing coverage in Florida?
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It’s becoming unprofitable for insurance companies to operate n Florida for a number of reason, among others:
1) Florida always had natural disaster, but they are becoming more frequent due to climate change
2) housing prices are skyrocketing. $300k homes are now worth $500k+
3) inflation on all construction materials. Replacing a $10,000 floor now costs $30,000
4) not all are leaving. The ones staying are shooting their premiums through the roof.
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