Why homeowners’ insurance is spiking for states like Florida, options are shrinking – Florida Trend
Why homeowners’ insurance is spiking for states like Florida, options are shrinking
Home insurance rates nationwide have jumped 19% over the past five years, according to the insurance site Valuepenguin, but people in states at risk of extreme weather, like Florida, are seeing much larger increases. Gregg Weiss is one of those people. While he realizes living in Florida means the possibility of seeing a hurricane, he is shocked when he sees the premium for his home insurance double. “Our windstorm insurance went from $10,000 a year, and then when it came up for renewal, my agent quoted me $20,000,” said Weiss. [Source: CBS News]
Texas mogul razes Coral Gables home considered architectural masterwork
Ignoring pleas from preservationists and architects around the country, a Texas mogul who paid $36 million for a Coral Gables home widely regarded as a modern design masterwork is now in the process of knocking it to pieces. Backhoes were at work Thursday ripping apart the “Sea Aerie” house designed and built in 1963 by famed Miami architect Alfred Browning Parker for his family in the city’s Gables Estates section. Chunks of limestone lay on the ground by the home’s once-grand gateway, and the panoramic elevated swimming pool and a massive tree that occupied the entry courtyard were gone. [Source: Miami Herald]
Sarasota’s affordable housing crisis dissected at chamber summit
Despite efforts by state and local governments to incentivize the development of affordable housing for workforce individuals and families, little has actually been done to close the gap locally. That is in no small part due to the post-pandemic economic realities of rising costs and local real estate market forces. Both city and county governments have recently enacted legislation to provide density bonuses and cost-saving incentives to help solicit voluntary participation among the development community, but it remains too soon to gauge their effectiveness. Meanwhile, employers are finding it increasingly difficult to attract workers largely because of the cost of housing. [Source: Business Observer]
Report: 60% of Florida homeowners say they’re putting off home repairs
Given the soaring home insurance premiums in Florida over the past year, homeowners are facing the challenge of striking a balance between affordability and safeguarding their most substantial investment. While reducing coverage might provide immediate cost savings, it also leaves homeowners vulnerable in the event of a catastrophe. To address this issue, Today’s Homeowner conducted a survey of 1,000 U.S. homeowners to uncover their sentiments regarding the increasing homeowners’ insurance premiums and their readiness to undertake essential home repairs. [Source: Jacksonville Business Journal]
Florida’s commercial rental properties to experience significant sales tax rate drop
Businesses operating in Florida’s commercial rental properties, including retail stores, offices, warehouses, and industrial spaces, should be aware of an upcoming change that will impact their operations. Effective December 1, 2023, the sales tax rate for commercial rentals will decrease from 5.5% to 4.5%. This article provides information on the new sales tax rate, its application to rental payments, and the compliance steps businesses need to take. [Source: Marcum]
19,365 Square Feet
Residence 5204 – Penthouse South, a luxury condominium concept in the heart of Millionaire’s Row in Sunny Isles, Florida, is listed at $32,750,000. [Source: Mansion Global]
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