Once a retirement haven, Florida’s condo crisis is pricing seniors out
For decades, seniors seeking a slice of the Sunshine State on a budget have flocked to condos. But skyrocketing insurance rates and regulations passed after 2021′s deadly Surfside building collapse that dictate how much condo associations must save and spend on repairs have spiked costs and upended the real estate market. [Source: Tampa Bay Times]
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» Will struggling condo associations and owners get relief from Florida lawmakers?
Lawsuits against insurers declined again this year. Will this year’s hurricanes reverse the trend?
Lawsuits against insurers in Florida have continued to decline in 2024 following reforms enacted two years ago. Insurers say the declines have reduced costs and helped them to reduce or stabilize rates charged to policyholders. Attorneys who represent insurance customers counter that the reforms made it more costly for policyholders to challenge insurers and left many with no recourse when their insurer denies or underpays claims. [Source: South Florida Sun-Sentinel]
Florida now has 4 of the top 10 American cities where home prices are plummeting the most
Out of ten metros where home prices dropped most year over year, four are in Florida. Miami took first place with a 12.4% decrease; Jacksonville finished sixth, off 6.1%; Orlando and Tampa took the eighth and ninth spots with 5.6% and 5.5% drops, respectively. [Source: Yahoo Finance]
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