FLORIDA (WSVN) — The Florida real estate market is grappling with a significant obstacle – skyrocketing insurance costs. For some homeowners, these rates have surged by a staggering 100%, causing concern in the property market.

The primary culprit behind this surge is the increasing frequency of extreme weather events in recent years.

Florida’s susceptibility to hurricanes and other natural disasters has made it a hotspot for insurance claims, leading to higher premiums for homeowners.

As a result, some property owners are faced with difficult choices. Some are considering relocating out of the state entirely, while others are contemplating the risky option of dropping homeowners’ insurance altogether.

A third alternative involves turning to state-backed insurance options as they search for ways to navigate this challenging landscape.

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