More Florida homeowners are self-insuring amid property insurance crisis. Here's what that means

More Florida homeowners are self-insuring amid property insurance crisis. Here’s what that means

Amid Florida’s property insurance crisis, more Floridians are taking protecting their property into their own hands. Some are doing away with property insurance and self-insuring. The number of Floridians self-insuring their homes has increased over the last year, according to the Insurance Information Institute. It is directly attributed to the high cost of insurance in Florida, according to industry analysts. [Source: Click Orlando]

Property taxes for 2024 reflect a record year of inflation in Florida

Projected hikes in property appraisals accurately predicted taxing consequences. Homeowners across Florida have received their proposed property taxes for the year, and for many, it’s the highest increase they’ve seen yet. Some will have to pay hundreds more every month. These taxes are assessed based on the real estate market value of homes, which is just now starting to slowly come down after an all-time high. [Source: WFSU]

New numbers show why it’s tough for budget-conscious buyers to land a South Florida home

Since 2019 prior to the pandemic, the number of houses and condominiums for sale at or below the median sales prices in South Florida has plunged. New figures quantify the extremely tight supply of homes in Miami-Dade, Broward and Palm Beach counties that middle-class homebuyers can typically afford, and show a prime reason why many house hunters haven’t been able to find houses or condos they can afford to buy. [Source: Miami Herald]

Renters likely to feel pains of Florida's property insurance crisis

Renters in Florida could soon feel the same pains of the state’s property insurance crisis. If costs for landlords go up, then inevitably rent will have to, as well. Amanda White with Florida Apartment Association said apartment owners are seeing rising insurance rates statewide, some seeing premiums more than double. [Source: Spectrum News]

Want money to harden your home? Funds for Florida program are drying up

The wreckage caused by Hurricane Idalia has left some Floridians wondering if their homes are prepared to weather the next major storm. Many have sought out home improvement grants from the My Safe Florida Home program. But as hurricane season rages on, there may not be enough funds left to meet the demand. [Source: Tampa Bay Times]

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› New CBRE Jacksonville managing director outlines market vision [Jacksonville Daily Record]
It starts with the culture, says CBRE Jacksonville Managing Director and market leader Tommie Reilly, who was promoted to the position Aug. 21. “My priority is continuing what is good and building on it,” Reilly said that day. She succeeds William “Tripp” Gulliford III, who had been the executive managing director of CBRE’s Florida region and Jacksonville market leader.

› Wells Fargo plans sale of Tampa Bay branches while trimming national real estate [Tampa Bay Business Journal]
Wells Fargo & Co. is selling four branch locations in Tampa Bay and 10 throughout Florida as the bank continues to downsize its real estate footprint and trim costs through layoffs. CFO Mike Santomassimo said the bank has “a lot more to do” to increase efficiencies during Tuesday’s Barclays Global Financial Services Conference. Wells has pruned its workforce every quarter since the third quarter of 2020, cutting almost 40,000 jobs in total since then, he noted.

› Yair Levy’s downtown Miami mixed-use building faces $26M foreclosure [The Real Deal]
A partnership led by New York developer Yair Levy could lose a downtown Miami mixed-use building to foreclosure. On Tuesday, City National Bank of Florida sued an affiliate of Levy’s Time Century Holdings and its minority partners in Miami-Dade Circuit Court for allegedly failing to make payments on a $27.2 million construction loan, among other defaults. The mortgage partially financed a $50 million renovation of Time Century Jewelry Center, a 9-story building at 1 Northeast First Street, the lawsuit states.

› Orlando home sales, prices fall again in August, report says [Orlando Sentinel]
Home sales and prices in Orlando continued to drop in August, according to a report released Friday. The 2,792 sales in the month were down 2.1% from 2,852 in July, and were 16% lower than the 3,324 sales in August of last year, according to the Orlando Regional Realtor Association, which looks at sales from Orange, Osceola, Seminole and Lake counties.

Tags: Real Estate eNews

Previous Real Estate Updates:

• Now might be the time to move to Florida as inventory levels surge and sellers slash prices
• Florida home values have more than doubled in the past decade
• Florida insurance market full of ‘low quality' companies, study finds
• Real estate pros say Florida's future looks bright
• What are squatters' rights? New Florida law targets occupancy fight
• Is trouble brewing in Florida's housing market? Here's what the data says
• Florida is growing. Can affordable housing keep up?
• Florida condo sales plummet despite falling prices and rise in 'motivated' sellers