Hurricane Helene hits Florida homeowners already facing soaring insurance costs
As Hurricane Helene barreled through Florida, the storm's winds and flooding left a trail of damaged homes in its wake, causing up to an estimated $6 billion in private insurance losses, according to global reinsurance broker Gallagher Re. As homeowners assess the damage, the storm is again drawing attention to wobbly Florida's property insurance market. Soaring premiums have squeezed homeowners, who shouldered a 45% increase in insurance rates from 2017 to 2022, according to a recent report from the Florida Policy Project. [Source: CBS News]
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» Will Hurricane Helene impact your next insurance bill?
Can you do anything about squatters who take over your home? Florida is taking action
Some states are taking long-overdue legislative steps to deal with squatters: people who take over others’ properties without their consent, sometimes dumping the owner’s stuff and trashing their homes. While squatting is trespassing, most jurisdictions treat the problem as a landlord-tenant dispute. This turns the ousting of the illegal occupants into a long, drawn-out legal process. [Source: Miami Herald]
What are the top real estate agencies in Florida? Here's a look
In Florida, there's no shortage of real estate agents. In fact, the state has more of them than any other in the nation. That's according to the National Association of Realtors. The association's last report from early 2024 showed more than 220,000 real estate agents in Florida as members (giving them the official title of Realtor, in exchange for joining and following the trade group's Code of Ethics). [Source: USA Today]
A surprise windfall: Increased property inspections boosting Citizens' bottom line
It's annoying to those trying to procure or maintain their insurance coverage, but more frequent snooping around homes and properties is paying financial dividends for the state’s largest property insurer. Policyholder inspections have increased by more than 166% since 2022, with as many as 400,000 inspections planned for this year. The cost of inspections is proving a worthwhile effort — returning $100 million to Citizens Property Insurance Corp. for every $45 million the company spends on inspections [Source: Palm Beach Post]
Looking to buy or sell a condo unit? Get to know your building’s structural inspection reports
Becoming familiar with two structural inspection reports that condo associations are required to submit this year can save buyers money or help them avoid making an expensive mistake. Sellers will need to know what’s in their associations’ Milestone Inspection report and Structural Integrity Reserve Study before closing on a used condo unit as well, and owners who plan to stay in their units can learn what, if any, cost increases they will face for upcoming structural repairs. [Source: South Florida Sun-Sentinel]
1,140
GL Homes want to expand its Whitworth 55-plus housing community west of Boynton Beach to 1,140 homes, an increase of 481 from what’s currently approved. [Source: South Florida Business Journal]
› Miami retiree signs away Caribbean real estate to TV ministry, triggers generational property dispute
Reclining in his Miami home, retired U.S. Army Colonel David Lawrence Adderley faced the television screen through which he watched countless Christian programs on Three Angels Broadcasting Network. The lifelong Seventh-day Adventist expressed regret as he reflected on a real estate transaction he made with the nonprofit network, known as 3ABN, which pitches charitable trust opportunities to the faithful.
› Tampa Bay mortgage rates are down. Is it a good time to buy?
The COVID-19 pandemic ushered in a new era for the Tampa Bay housing market. Rapidly rising home prices and mortgage rates have kept many would-be buyers on the sidelines over the past few years. But last week, some saw a glimmer of hope when the Federal Reserve cut interest rates for the first time since March 2020. The average 30-year fixed mortgage rate also fell to 6.09%, the lowest it’s been in over a year, according to Freddie Mac.
› Orlando ranked as one of Florida's hottest rental markets
Orlando’s rental market has been ranked as one of the most competitive in the Sunshine State for the third year in a row. The rankings were compiled by RentCafe.com’s research team analyzing Yardi Systems’ apartment data across 137 U.S. rental markets, considering key metrics such as occupancy rates, lease renewals and new apartment supply.
› A castle, a church, a fire station? Nine unique must-see homes in Palm Beach County
Whoever said a home has to be a house? Why can’t it be a former fire station? Or a church? Or eco-friendly corrugated shipping containers made livable with plywood and plumbing? Or a castle out of a childhood fairy tale? Palm Beach County is home to some of the most unique homes in the country.