Americans are moving into areas with higher risks of intense storms, flooding and extreme heat, according to Redfin's 10 Hottest Neighborhoods of 2022 report, which found eight of the top 10 most popular neighborhoods for relocations are in Florida.
"People who are set on moving to Florida have to take the bad with the good; hurricanes are just part of life here," Eric Auciello, a Florida-based Redfin real estate agent, said in a release. "It's a growing concern for a lot of Floridians, but especially those in communities with aging infrastructure since older buildings are more likely to crumble and have drainage problems when flooding occurs. Flood insurance has also become astronomically expensive, which means we may start to see even more cash buyers than normal because homeowners without mortgages aren't required to have flood insurance."
As noted, Florida cities have become popular destinations. This rings specifically true for the Sarasota metro area, which features predominately on the list. This news comes are some are saying the homeowners insurance market in the Sunshine State has reached a "crisis level."
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Steve Hallo
Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected]
