Why homeowners' insurance is spiking for states like Florida, options are shrinking

Why homeowners' insurance is spiking for states like Florida, options are shrinking

Home insurance rates nationwide have jumped 19% over the past five years, according to the insurance site Valuepenguin, but people in states at risk of extreme weather, like Florida, are seeing much larger increases. Gregg Weiss is one of those people. While he realizes living in Florida means the possibility of seeing a hurricane, he is shocked when he sees the premium for his home insurance double. "Our windstorm insurance went from $10,000 a year, and then when it came up for renewal, my agent quoted me $20,000," said Weiss. [Source: CBS News]

Texas mogul razes Coral Gables home considered architectural masterwork

Ignoring pleas from preservationists and architects around the country, a Texas mogul who paid $36 million for a Coral Gables home widely regarded as a modern design masterwork is now in the process of knocking it to pieces. Backhoes were at work Thursday ripping apart the “Sea Aerie” house designed and built in 1963 by famed Miami architect Alfred Browning Parker for his family in the city’s Gables Estates section. Chunks of limestone lay on the ground by the home’s once-grand gateway, and the panoramic elevated swimming pool and a massive tree that occupied the entry courtyard were gone. [Source: Miami Herald]

Sarasota's affordable housing crisis dissected at chamber summit

Despite efforts by state and local governments to incentivize the development of affordable housing for workforce individuals and families, little has actually been done to close the gap locally. That is in no small part due to the post-pandemic economic realities of rising costs and local real estate market forces. Both city and county governments have recently enacted legislation to provide density bonuses and cost-saving incentives to help solicit voluntary participation among the development community, but it remains too soon to gauge their effectiveness. Meanwhile, employers are finding it increasingly difficult to attract workers largely because of the cost of housing. [Source: Business Observer]

Report: 60% of Florida homeowners say they’re putting off home repairs

Given the soaring home insurance premiums in Florida over the past year, homeowners are facing the challenge of striking a balance between affordability and safeguarding their most substantial investment. While reducing coverage might provide immediate cost savings, it also leaves homeowners vulnerable in the event of a catastrophe. To address this issue, Today's Homeowner conducted a survey of 1,000 U.S. homeowners to uncover their sentiments regarding the increasing homeowners' insurance premiums and their readiness to undertake essential home repairs. [Source: Jacksonville Business Journal]

Florida’s commercial rental properties to experience significant sales tax rate drop

Businesses operating in Florida’s commercial rental properties, including retail stores, offices, warehouses, and industrial spaces, should be aware of an upcoming change that will impact their operations. Effective December 1, 2023, the sales tax rate for commercial rentals will decrease from 5.5% to 4.5%. This article provides information on the new sales tax rate, its application to rental payments, and the compliance steps businesses need to take. [Source: Marcum]

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› Bob Vila, America’s favorite handyman, asks $52.9 million for waterfront Florida home [Mansion Global]
The home-improvement guru who made his name with repair and DIY advice says he’s ready to simplify. ‘It’s an older house, so there’s always something.’

› Airbnb guests are unwittingly renting houses in Florida from an unusual host: One of the world’s largest private-equity firms [Fortune]
If you’ve rented a house in Florida via Airbnb in the past two years, you might have stayed in a home owned by one of the world’s biggest private-equity firms and been none the wiser.

› Could troubled Anchor Insurance company return to Florida market? [WPTV]
The report this week of a possible return of a Florida insurance company is being viewed as a positive sign to the state's struggling insurance landscape.

› Thompson Thrift expands Florida footprint with development of multifamily community in Orlando suburb [MultifamilyBiz]
Thompson Thrift, a full-service nationally recognized real estate company and one of the nation's leading multifamily developers, announced the development of Standard441, a new 300-unit multifamily community in the Orlando suburb of Lady Lake. Thompson Thrift plans to begin construction this month and welcome new residents beginning in late 2024.

Tags: Real Estate eNews

Previous Real Estate Updates:

• Now might be the time to move to Florida as inventory levels surge and sellers slash prices
• Florida home values have more than doubled in the past decade
• Florida insurance market full of ‘low quality' companies, study finds
• Real estate pros say Florida's future looks bright
• What are squatters' rights? New Florida law targets occupancy fight
• Is trouble brewing in Florida's housing market? Here's what the data says
• Florida is growing. Can affordable housing keep up?
• Florida condo sales plummet despite falling prices and rise in 'motivated' sellers
• Want to get rich quick selling Florida real estate? Think again.