Kelly Hagen of Vero Beach says skyrocketing insurance costs may soon force her out of her home. Her home has three bedrooms and two baths, is about 1,500 square feet and was built in 1994. Her homeowners insurance is $9,000 a year, which equates to $750 a month on top of her mortgage payment. The premium went from $6,000 to the next year it was $8,000.
Hagen says the financial pressure goes beyond the premium itself. Her insurance company requires impact windows, an expensive upgrade she has struggled to afford while working two jobs. She works a full-time job and then works Instacart nights and weekends. Her situation was made worse when she was turned away for a $10,000 My Safe Florida Home grant after it took too long to find a contractor. Hagen said she can hang on for probably just a couple more months, and then she will have to try and sell her house. One new insurance company, Stand Insurance, is offering to help homeowners connect with affordable contractors and uses AI technology to study homes and then works to pair homeowners with vendors and contractors to make repairs.