Climate Change Is Causing The Florida Real Estate Market To Tumble - CleanTechnica

The article discusses the growing impact of climate change on Florida's real estate market, highlighting how increasingly severe hurricanes and stricter building regulations are driving up costs and destabilizing property values. Following the 2021 collapse of the Champlain Towers South condominium, Florida implemented rigorous "Milestone Inspections" for aging coastal condos, requiring costly structural upgrades. These expenses, combined with the rising frequency and intensity of hurricanes fueled by warmer ocean temperatures, have significantly increased insurance premiums and property maintenance costs for homeowners and associations. Hurricanes Helene and Milton further exacerbated the situation in Lee County, displacing residents and causing extensive damage. Insurance companies have pulled back from the Florida market, forcing many homeowners to rely on the state-backed insurer of last resort, Citizens Property Insurance Corp., which has led to steep premium hikes. The combined financial pressures from insurance rate increases and mandatory building repairs have created a "climate cost burden," pricing many condo owners out of the market. Although new insurers have entered Florida, higher deductibles and ongoing climate-related risks, such as saltwater intrusion damaging building foundations, continue to complicate the real estate and insurance landscape in the state.