Florida is collapsing. Insurance premiums spike 100%. Properties going into default.

Florida homeowners are struggling with massive spikes in insurance cost. Especially in a housing market like Miami.
The average cost of property insurance in Florida is now over $11,000/year. Which is causing many homeowners to be forced to sell their properties. As a result - homes for sale on the Florida housing market is rising fast in 2024, particularly in metros like Miami, Tampa, and Orlando.
Another issue plaguing Florida is overbuilding. Apartment developers went crazy permitting new luxury apartments during the pandemic, and now there is a big spike in vacant deliveries into Miami's apartment market. Many of the luxury apartments are sitting empty and some are cutting rent.
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