{"id":4386,"date":"2023-07-25T19:10:27","date_gmt":"2023-07-25T19:10:27","guid":{"rendered":"https:\/\/frankbuysphilly.com\/insurance-carrier-exodus-rattles-california-and-florida-housing-markets\/"},"modified":"2023-07-25T19:10:27","modified_gmt":"2023-07-25T19:10:27","slug":"insurance-carrier-exodus-rattles-california-and-florida-housing-markets","status":"publish","type":"post","link":"https:\/\/frankbuysphilly.com\/insurance-carrier-exodus-rattles-california-and-florida-housing-markets\/","title":{"rendered":"Insurance carrier exodus rattles California and Florida housing markets"},"content":{"rendered":"
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In late June, Susan Gregory received an estimate for a new homeowner\u2019s insurance policy on her 120-year-old St. Augustine, Florida<\/a> property, after her previous insurer, United Property and Casualty,<\/strong> went insolvent earlier in the year. Gregory was shocked to find out that her yearly payment would go from $8,800 to nearly $36,000 if she signed on with the new company.<\/p>\n “I thought this was my forever home,” Gregory told First Coast News<\/a>, which first reported the story. “It can’t be my forever home if I can’t afford it.”<\/p>\n And Gregory\u2019s story is becoming commonplace in flood-prone areas<\/a> of the United States, especially in Florida. According to Sandy Williams, an eXp Realty<\/strong><\/a> agent in Sarasota, homeowners\u2019 insurance costs<\/a> have doubled for many in her metro area (flood insurance<\/a> costs have also risen dramatically).<\/p>\n \u201cI do a lot with new construction and homeowners\u2019 insurance is cheaper on new builds because they are brand new,\u201d Williams said. \u201cWith material and labor shortages, and supply chain issues it is taking a year-and-a-half to two years to complete a property. A lot of my clients will get insurance quotes three months into the project and then about a year later they are getting their final quote. One of my recent new home buyers got their final quote on a property a 30-minute drive from the coast<\/a> and it had gone up 40% from a year ago. This is one of the easiest parts of Florida to insure and costs have gone up over 40%.\u201d<\/p>\n