This Florida metro is the foreclosure capital of the US — here's what is behind the crisis

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A fig of factors whitethorn beryllium contributing to this fig — including a colonisation influx — but 1 communal taxable experts pointed to was the terms of location insurance.

“When those security premiums commencement kicking in, they can’t marque the payments, they conscionable don’t cognize what to do,” Bob Miller, a existent property broker, told News Channel 8 successful a communicative published March 27. “So a batch of them, for deficiency of a amended term, they curl up successful a small spot of a shot and they hold successful a country for idiosyncratic to sound connected the door. That’s not the champion option.”

Here’s what’s down the precocious security rates, and what you tin bash to support your location wherever you mightiness be.

Florida is prone to earthy disasters, including hurricanes, flooding and wildfires, and mostly due to the fact that of this security prices are among the highest successful the nation.

Floridians wage an mean yearly premium of $5,292 for a location worthy $300,000, according to Bankrate. This is astir two-and-a-half times the nationalist mean of $2,267.

Major location security providers similar Progressive, AAA and Farmers Insurance person reeled successful immoderate business, arsenic the outgo of operating successful the authorities has go prohibitive for galore insurers.

In 2024, Mark Friedlander of the Insurance Information Institute told CBS News Miami an interior survey that recovered 15% to 20% of Floridians were forgoing location security — compared to 12% crossed the country.

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However, immoderate existent property experts accidental the state’s sky-high security rates don’t archer the full communicative down the foreclosures successful Lakeland. Gate Arty, main and co-owner astatine Keller Williams Realty, acknowledges the interaction of security premiums, but helium doesn’t judge Lakeland has a foreclosure problem.