realestate

California Wildfires May Impact Florida Homeowners Insurance Rates

Weekly alert providing in-depth news and analysis on key Florida real estate issues and topics.

T
he recent Los Angeles wildfires may raise concerns about insurance premiums for Florida homeowners, but experts say it's unlikely to affect rates immediately. However, some worry that increased reinsurance costs could lead to higher premiums in the long run.

    Florida lawmakers are under pressure to address rising condo fees and unaffordable sales prices, with a potential special session on condo relief looming. Despite the governor's call for reform, the House, Senate, and governor remain at an impasse.

    A Florida developer has offered to donate hundreds of thousands of ancient artifacts unearthed in Brickell to universities across the country, but archaeologists and Native American activists have expressed outrage over the decision.

    Central Florida homeowners are increasingly opting out of property insurance, with around 15-20% of homeowners uninsured. Experts attribute this trend to the state's ongoing property insurance market crisis.

    A Florida mortgage firm has agreed to pay $1.75 million after being accused of redlining in Miami, Fort Lauderdale, and the Palm Beaches. The company denies any wrongdoing but will settle the claim under a consent order.

    In other news, a record-breaking development site sale in Brickell has set a new price for property in the area at $520 million. Additionally, United Against Poverty Orlando is planning to add affordable housing to its campus, while Goodwill Industries of Southwest Florida is building a new headquarters with affordable housing on 27 acres of land.

    The typical Miami resident can afford less than 1% of local homes, according to a recent study. Meanwhile, HGTV's "Dream Home" mastermind Jack Thomasson has put his sprawling Pasco County dream home on the market for $2.5 million.

California wildfires may impact Florida homeowners insurance rates due to increased costs.