The rising insurance premiums continued following destructive hurricanes and other extreme weather events in Florida.
Rising Insurance Premiums Continue in Florida Due to Extreme Weather Events and Climate Change
The rising insurance premiums continued in Florida due to extreme weather events and climate change across the country as the weather-related events have led to the rising insurance premiums and how much the insured residents pay for their homes after damages.
According to a report published in Insider, the rising insurance premiums led to insured residents increasing home damage payments following hurricanes and other weather-related events damaging their homes, wherein the rising insurance premiums have reportedly tripled throughout the years.
With rising insurance premiums, Florida had been considered under an insurance crisis when hurricanes and other severe weather conditions came after another, damaging various homes, which led to major insurance companies‘ decisions to cut coverage despite the rising insurance premiums for residents.
Residents Relocate to Other Cities Following Rising Insurance Premiums in Florida Due to Weather-Related Events
Following the rising insurance premiums in Florida due to weather-related events, residents relocated to other cities to avoid the rising insurance premiums and live in safer and better geographical areas.
Residents struggling from rising insurance premiums have looked for places with reported low risk of coastal flooding and experiencing weather-related events, which would guarantee their safety and financial stability, Insurance Business reported.
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