Fri, April 26th 2024 at 5:07 PMUpdated Fri, April 26th 2024 at 6:34 PM
PENSACOLA, Fla. — The home insurance crisis in Florida could possibly see some stabilization.
But that may not be enough for some homeowners.
A survey by real estate brokerage Redfin found more than 10 percent of homeowners moved or plan to move because of the climbing insurance costs — or lack of coverage altogether.
But in our area, we’re seeing something slightly different.
Local realtor Christina Leavenworth says she’s actually seen more people backing out of moving to Florida instead.
“We have had buyers where they have gone under contract, they’ve done the inspections, the home is nearly perfect — there’s nothing wrong with it,” Leavenworth said, “And then they get an insurance quote for $4,000 — which really isn’t that bad in this market — and they go you know what, I don’t want to move to Florida.”
However, Leavenworth says things are looking up.
“We are seeing some relief,” she said. “I’ve seen that across the board. As we’re getting quotes, they’re inching down. It’s nothing amazing but they’re inching down.”
Mary Jordan is an insurance agent and owner of Gulf Coast Insurance.
She says legislation passed in 2023 is already making a difference with the rates.
With it, fewer lawsuits were filed and that helped open up the market again.
“Which made reinsurers carriers want to be back in our market because they saw a more positive affect,” Jordan said.
And with more carriers, there is more supply for the high demand.
“What my speculation would be is we’re going to start seeing rates being reduced,” Jordan said.
But Jordan says it can take up to two years to see the bigger reductions.