Wealthy Homeowners in Florida Are Facing Sky-High Insurance Premiums to Protect Their Waterfront Properties
Property insurance rates in the Sunshine State have tripled since 2020.
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Property insurance rates in the Sunshine State have tripled since 2020.
Tropical storms and other cases of extreme weather are causing home insurance premiums to skyrocket in places like Florida and California.
Homeowners occupying mega mansions that could only be afforded by the upper echelons of society are paying home insurance premiums to match.
Residents of Miami's Star Island are paying six-figure home insurance costs to the tune of $622,000. Some homeowners are paying insurance costs that are as much as 800% higher than last year.
. Yet even those who don’t pony up $575 to attend the beauty pageant on the 18th green, can navigate 10 days filled with fine art, fine food, fine wine, and fabulous automobiles all over town. You just have to know where to go, and when.