Inflation is making thousands of Florida houses and condos ineligible for coverage by Citizens Property Insurance Corp., the state-owned “insurer of last resort.”
Owners of Citizens-insured homes with replacement values in the $500,000 to $600,000 range just a couple years ago have been receiving notices of non-renewal, forcing them to seek far-more expensive coverage in the unregulated surplus lines market.
The notices say that rising costs of construction and labor pushed their replacement values beyond a $700,000 eligibility cap in place in Broward, Palm Beach and every other Florida county except for two.
