Home prices in Florida’s southwest coast are dropping, primarily driven by the steep rise in home insurance costs. This insurance crisis has led to a surge in inventory as potential buyers, particularly those looking to purchase winter homes, are deterred by the skyrocketing premiums. The Insurance Information Institute reports a 42% increase in insurance rates last year alone, placing the average insurance cost for Floridian homeowners at $6,000, in stark contrast to the national average of $1,700.
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