Growing risk from extreme weather may make parts of Florida uninsurable

A study modeling climate risks in Florida found that extreme weather may make parts of the state uninsurable.

Home insurance premiums in Fort Myers Beach have skyrocketed in the last five years, the study found. Rates climbed from an already high average of $9,000 annually in 2019 to $14,000 in 2024.

Statewide, premiums have climbed 30% since 2021. A climate risk specialist says the state’s insurance companies haven’t adequately measured climate risk in its modeling during the past few decades and is now playing catch-up.

As more Floridians are priced out of homeowners insurance, the state must assume an increased share of the burden. The real estate market is feeling the pressure as pricey insurance premiums are knocking down property values and disincentivizing investment in parts of the state.