It is an understandable fear that insurance rates in states like California and Florida will continue to skyrocket and make the cost of housing even higher. This is all in addition to the impact recent major disasters continue to have between hurricanes, floods, and fires.
As more people abandon their location because of a disaster, those that choose to remain may have to bear the brunt of even more expenses. I know of one broker in Phoenix that sold 11 houses to buyers coming from Southern California within the past 10 days. Rumors of insurance companies trying to pull out of states and being forced to stay in place continue.
However, insurance and construction cost challenges have gone further than people realize in plenty of other states besides those impacted by disasters. Investors and potential relocations will likely be surprised to learn that insurance costs are rising or have risen to costs near to what Florida and California have become. (The article linked below shows a national map.)
Home insurance and property insurance costs, especially where flood insurance is involved, are quickly becoming part of what an investor or potential home buyer may consider. Obviously, the value and potential of a property are extremely important considerations for potential investors and buyers. However, insurance costs, property taxes, and the potential for natural disasters are quickly becoming more significant considerations.
Those considerations need time and attention when it comes to researching the opportunity. My team and I can help in either of two ways. I can show you how to do your own research, or we can perform the needed research for you, allowing you to continue to focus on current business. May I help you choose?
https://www.siliconvalley.com/2025/01/23/californias-home-insurance-prices-set-to-soar/
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