"New study finds a $500 insurance hike boosts mortgage delinquencies by 20%, stressing housing impact of changing climate."

"When Miguel Zablah bought his five-bedroom home in Miami’s leafy Shenandoah neighborhood in June of 2020, he said he paid $7,000 a year for homeowner’s insurance.

The house, built in 1923, sits on high ground and has survived a century of famously volatile South Florida weather. But in just four short years, Zablah said his homeowner’s insurance premium has more than doubled to $15,000 a year. Quotes for next year’s premiums are looking even worse.

“Some insurance companies are now quoting me at $20,000, $25,000 on my house, which is ridiculous,” said Zablah, who works in private equity. The premium increases are so steep that he’s considering just paying off his mortgage — and foregoing the insurance that his lender requires him to carry."

Mario Alejandro Ariza reports for Floodlight November 20, 2024. [2]