In Florida, owning a home is becoming more of a challenge every day, unless you’re a member of the ultra-wealthy or a private equity company buying up existing housing stock to gouge renters. Median home values have increased over 33% in the last year, putting the dream of the freedom of owning a home increasingly out of reach for everyday workers and seniors in the state. For those lucky enough to already own a home, they face a collapsing property insurance market which is leading to skyrocketing premium increases expected to be anywhere from 30%-40% this year, with many rising over 50%.
This isn’t a new problem. Since Governor Ron DeSantis took office in 2019, property insurance premiums in the state have increased by 55%, rising from an average rate of $1,989 a year to the current rate of $3,585. Faced with an unavoidable problem that his culture war fights failed to distract from, Governor DeSantis called a special session in May to address the issue that resulted in a $2 billion bailout for the insurance industry and no premium decreases for homeowners. In fact, the Senate sponsor of the bill, an insurance salesman, even admitted homeowners will see no relief from this bill for at least 12-18 months, if at all.
“When the insurance industry said jump, Ron DeSantis asked ‘how high?’ and promptly rewarded them with a $2 billion bailout that will do nothing to decrease costs for homeowners,” said DeSantis Watch Communications Director Anders Croy. “Time and again, Governor DeSantis has put the needs of the corporate and billionaire donors who fund his political ambitions ahead of the hardworking Floridians being priced out of their homes who are struggling to make ends meet. Every homeowner in Florida should thank Governor DeSantis when they have the freedom of a 50% property insurance premium increase this year while the insurance industry continues to pour hundreds of thousands of dollars into the Governor’s campaign accounts.”