Source: NPR

Excerpt:

Many in Florida are finding homeowners’ insurance unaffordable, and it’s only getting worse.

Gregg Weiss lives in an older neighborhood in West Palm Beach. His home and many others are nearly a century old. It’s a great place to live he says, except when it comes to buying homeowners insurance. Two years ago, he was shocked at a notice he received from his insurance company. 

“The windstorm portion of our insurance went from about $10,000 a year which is not cheap,” he says. “But it doubled and went up to $20,000.” He called his insurance agent and got some surprising advice. “She said honestly, my recommendation is: pay off your mortgage and self-insure yourself.”

Read more: Feeling the pinch of high home insurance rates? It’s not getting better anytime soon