Texas homeowners will see homeowners insurance rates skyrocket 22% as the costs of climate change come home after the state saw more billion-dollar natural disasters last year than ever in its history, according to the Texas Tribune. But that’s nothing compared to some of the increases in Florida, where one 24-unit condo saw its insurance cost increase more than 550%.
The Daytona Beach Shores condominium on the Atlantic Ocean had never made a claim on its insurance policy even though the complex had its seawall and pool damaged as it got hit by two hurricanes last year; its policy did not cover seawall damage or subsequent claims because those are exempt from Florida policies. After questions arose about building inspections after the Surfside Condo collapse in 2021, some insurance companies backed out of the market for fear of inaccurate regulation enforcement.
Still, the Marbella Condo Association didn’t expect its annual $40,500 insurance bill to blast to more than $268,000, an increase of 563%, reports the Daytona Beach News-Journal. Florida Republican Governor Ron DeSantis has proposed socializing some property claims by setting up a state-managed insurance fund after he made it harder to sue insurance companies to demand they cover claims.