Florida’s Insurance Dilemma - Skyrocketing Costs & Limited Options

[Kasi V.]

One of my favorite states for OSS investments is Florida. I own two properties there, but insurance costs have skyrocketed.

Lately, securing home insurance has become increasingly challenging due to the high risk of hurricanes, flooding, and other factors. Many major insurers have pulled out entirely, making it even more difficult. For my next investment I’ve shortlisted a few properties in the area but feel hesitant to move forward. What are your thoughts?

[Andrew Syrios]

You know a similar thing happened in Kansas City (more specifically Jackson County, MO) regarding property taxes in 2023. They just skyrocketed. We're having to reorient our entire portfolio and sell pretty much all our big houses and condos because they don't cash flow anymore. I suspect you'll have to look at Florida real estate in a similar way.