WEST PALM BEACH, Fla. — Many Florida homeowners have been hit hard by rising insurance rates.
WPTV recently looked into the issue and what options there are for homeowners. One homeowner said the best option for him was moving.
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“It was a no-brainer,” Bob Rodenberg said.
He moved about the move 40 miles north of West Palm Beach to Palm City in Martin County.
“We were paying $6,700 a year [for insurance],” he said.
Now, with his new home on the Treasure Coast, the rate is about $4,000 less.
“It’s really a numbers game. You have to look at the numbers and say, ‘This is what I’m paying now. This is what I could be paying.'”
Skyrocketing insurance rates and cancellations have frustrated Florida residents this year as the industry tries to deal with recent hurricane losses and rising litigation costs.
“It’s not uncommon for people to move or consider moving because of insurance and taxes,” said Deidre Newton of The Landmark Group real estate firm.
Many Florida homeowners have been left with tough choices in trying to shop around for new insurance or raise deductibles to cut costs.
Lower rates on the Treasure Coast are not uncommon when compared to Palm Beach County. Coupled with a seller’s real estate market, Newton expects more homeowners to look north to save money.