The Florida home insurance crisis is reshaping the landscape of homeownership across the state, leaving many Floridians priced out of their dreams. In this featured segment from NBC Nightly News with Lester Holt, CENTURY 21 Edge CEO Kevin Johnson and agent Brittany Huey discuss the real-world implications of rapidly increasing insurance premiums.
Following several catastrophic hurricanes, insurance costs in Florida have surged by 100% since 2020, fueled not only by weather-related damages but exacerbated significantly by widespread insurance fraud and litigation. Despite Florida representing only 9% of homeowner insurance claims nationwide, the state astonishingly accounts for 79% of all property insurance lawsuits. This imbalance has forced many insurers out of the market entirely, with over 20 companies either halting new policy issuance or closing down operations since last year.
As Johnson explains, escalating premiums have created significant challenges for buyers and sellers alike. Potential homeowners are finding themselves unable to afford desired properties, while current residents consider relocating out of state entirely in search of affordability. Brittany Huey’s personal experience illustrates the struggle vividly. After selling her home to leverage equity, Huey and her family face prolonged uncertainty, their hopes for an upgraded home stalled indefinitely due to unforeseen insurance costs.
Although recent legislative measures aim to address this ongoing crisis, industry experts caution that true relief may still be years away. As insurance companies continue withdrawing from Florida—and states like California, Colorado, and Louisiana experience similar challenges—the housing market is navigating unprecedented territory.
Watch the full NBC Nightly News segment to better understand how the Florida home insurance crisis is directly affecting residents and what steps can be taken moving forward.
