Florida’s property insurance market seems to be improving | Florida Trend Real Estate – Florida Trend


Florida’s property insurance market seems to be improving

With a potentially volatile hurricane season ready to start, the AM Best financial rating agency released a report Thursday that said Florida’s property insurance market is showing signs of improvement — but that time will tell. The report said AM Best is “cautiously optimistic” about the Florida market, in part because of an overhaul passed by lawmakers and Gov. Ron DeSantis in 2022 that included trying to shield insurers from costly lawsuits. Other factors include a decrease since September in the number of homeowners getting coverage from the state’s Citizens Property Insurance Corp. [Source: News Service of Florida]

New law to provide Florida homebuyers with more transparency on flood history

For the first time, Florida home sellers will have to disclose certain aspects of a property’s flood history, under legislation Gov. Ron DeSantis signed into law last week. Before this law passed, Florida, uniquely vulnerable to sea level rise, precipitation changes and intensifying storms, had been one of 18 states where no flood disclosure was required as part of a home transaction. More from the News Service of Florida and Inside Climate News.

Hurricane Ian walloped Southwest Florida. Two years later housing costs have spiked

On Florida’s southwest coast, more than a year and a half after Hurricane Ian’s high winds and flooding caused more than $117 billion in damage, the fallout continues. Housing costs and insurance have spiked, prompting many to put their homes up for sale. Concerns about hurricanes and climate change have raised questions about the long-term affordability of coastal communities like Cape Coral. [Source: NPR]

In the crosshairs of the climate and housing crises

Manufactured homes are a crucial part of the solution to Florida’s housing woes. But can they survive the state’s worsening storms? Florida has about 822,000 manufactured and mobile homes, around 10% of the total housing supply – higher than the national average, which is 6% – according to Census data. Of those, more than 300,000 pre-1976 mobile homes remain registered with the Florida Department of Motor Vehicles. [Source: WUFT]

Number of ‘millionaire cities’ rises to 17 in South Florida. Here’s a look at the communities.

South Florida now has a larger number of “millionaire cities.” There are 17 cities in South Florida where the typical home is worth at least $1 million, according to an analysis done by Zillow, in which it identified its millionaire cities across the country. That’s compared with 16 last year. Newly on the list this time: Palmetto Bay, a village that’s 8 square miles and has 25,000 residents. [Source: South Florida Sun-Sentinel]

STAT OF THE WEEK
286
The Cypress Crossing project on the Park-and-Ride lot near a Tri-Rail station in Oakland Park would consist of an eight-story building with 286 apartments, 8,400 square feet of retail, 4,414 square feet of coworking space, and 643 parking spaces. [Source: South Florida Business Journal]

ALSO TRENDING:

› Homebuying power plummets in Miami
Homebuying power in Miami decreased 69% from 1970 to 2022, according to the study. It’s down 71% in Hialeah. Homebuying power is the ratio of annual income versus the average house price in 1970 (when boomers started buying starter homes) compared to 2022.

› Sarasota affordable housing initiative recognized by Florida League of Cities
The city of Sarasota is making room in its trophy case with a nod for its newest affordable housing initiative. The Florida League of Cities awarded Sarasota the 2024 Local Action Award for its affordable housing density program. Sarasota was one of four cities to receive a Municipal Achievement Award — which recognizes “superior and innovative efforts” from local governments across the state — along with St. Cloud, Oakland and DeLand.

› Developers make moves as Tampa Bay’s apartment market hits bottom
For over a decade, construction cranes dotted Tampa’s skyline, building apartments on seemingly every available patch of land. But one prime site lay dormant: the corner of North Lois Avenue and West Boy Scout Boulevard, where real estate giant MetLife Investment Management had been planning a multifamily project since the mid-aughts. Now, as high interest rates and construction costs make development nearly impossible, those apartments are moving forward.

› A formerly crime-ridden Orlando hotel welcomes tenants to new affordable units
Alicia Ewing remembers when the Ambassador Hotel on Colonial Drive was littered with guns, drugs and crime. Now she hardly recognizes it. On June 15 Ewing, who lived at the Ambassador for 14 years, will become one of the first residents to move into Palm Gardens Apartments, which still has the bones of the former hotel.

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