Florida Insurance Rates Surge Due to Hurricanes

Home insurance rates in Florida are expected to surge significantly due to recent hurricanes, with experts predicting increases of up to 30% in some areas, particularly on the West Coast. Citizens Property Insurance Corporation, the state's insurer of last resort, has denied a large number of claims, leading many homeowners to face financial strain as they struggle to find affordable alternatives in the private market. Meanwhile, in Oregon, restrictive Construction Defect Liability laws are exacerbating the state's housing shortage, limiting the development of affordable housing such as condominiums. In California, difficulties in obtaining home insurance have led to a rise in failed home sales, particularly in rural and high-risk areas, due to escalating insurance costs. Additionally, in Australia, property owners on Punt Road in Melbourne face uncertainty due to public acquisition overlays, which could lead to the government purchasing their land for infrastructure projects.