Back on March 1st I posted an article I had written for the March/April issue Life In the Finger Lakes on how people are beginning to leave southern climes in favor of the north because of rising temperatures and rising costs for help, insurance... Climate Migration Is A Change in Store For the Finger Lakes? It was a followup to a blog post I did for them five years earlier.
Newsweek just put out an article Prices Fall as Homeowners Desperately Try to Sell on how the price of homes in Florida are starting to fall because of the surge in homeowners insurance, one the factors I mentioned in my article. Saying,
The Sunshine State's number of motivated sellers on Zillow remained much higher than in other states like California and Texas. As of Wednesday morning, California had 1,032 motivated sellers for a total of 74,792 properties listed, while Texas counted 1,829 out of a total of 1818,888.
The high number of motivated sellers in Florida might be explained, in part, by the skyrocketing home insurance premiums in the state. In the past three years, the cost of home insurance has grown by 102 percent, according to the Insurance Information Institute (Triple-I), as the risk posed by extreme weather events is rising. Several private insurers have left the state or have stopped offering new policies.
Still early in this trend, we will see.
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