Some homeowners in Florida are going to face property insurance rate hikes moving forward. Trusted Resource Underwriters Exchange was recently approved for a 31.5% rate hike by the state, impacting thousands of policyholders.
Bernice Joseph, a Florida homeowner, says insurance is a necessity, but it's getting too expensive.
"Ian really put me under too. I was able to repair my house, pack and order. But sure wish they could lower insurance," Joseph said.
Joseph and her husband, Tom Bridges, have weathered 30 years' worth of storms on Pine Island. Now, they are grappling with the soaring costs of staying insured.
"For the year, it'll be a little over $9,000," Joseph said.
"A lot of people are going to go uninsured. And then that's going to be really hard," Bridges said.
The Florida Office of Insurance Regulation noted that this hike is not a common trend, as most insurance filings this month have been for lower or zero percent rate increases.
Visitor Hari Viswanathan from Georgia explained how these fluctuating rates affect his decision to move to Southwest Florida.
"Generally, the place is very good, but the cost of housing is a big deterrent for people who want to move here," Viswanathan said. "Because it's not just today what it costs. I don't know what to expect a year from now."
The rate hikes are also affecting small business owners in the area like Tim Ferguson, who owns Enjewel Boutique in Downtown Fort Myers.
"Five thousand a year, pair that with having a seasonal business, and when you look at it over a 12 month period, I have to be generating, you know, significant revenue be able to afford, you know, rent, insurance," Ferguson said.
The Florida Office of Insurance Regulation requires hearings for rate requests exceeding 15%. Homeowners affected by this increase could see an additional $1,357 on top of their average premium.