Florida Faces Exodus as Insurance Costs Cause Residents to Leave State

The rising cost of home insurance in Florida is pushing many residents to give up on coverage partially or altogether, selling their homes and even considering moving out of the state, readers told Newsweek. Some have already taken the plunge and left the state that they once considered heaven on Earth.

Florida's insurance premiums are the highest in the country, according to a recent study by the Insurance Information Institute (Triple I), and have tripled in the past five years. Residents are currently paying on average more than $4,200 per year, while the national average is $1,700, according to Triple I.

Skyrocketing costs are made worse by an ongoing insurance crisis that has seen 15 major insurers, including Farmers, deciding to leave the state over the last year. Many cited the increased risk of extreme weather events in the state, which scientists attribute to global warming, as one of the reasons for pulling out of Florida.

While Florida continues to be an attractive destination for Americans dreaming of moving somewhere sunny and with relatively low taxes, the increasing unaffordability of home insurance is leading some to move out of the state.