"Residents of Florida ponder daily relocation decisions in the wake of devastating weather events"
Last week, their home had to be evacuated for the second time within a few weeks due to Hurricane Douglas.
"Our rental house and the one we own are completely submerged. Our two cars, too," Muse-Connealy shared with CNN last week. "We lost all our furniture, all of our daughters' toys. We saved what we could, but now that could be destroyed by Hurricane Douglas."
Muse-Connealy and her husband moved to the Tampa area four years ago. She spoke highly of the community but, with the constant threat of storms and the mounting repair costs, she's started reconsidering their stay.
"For the first time, we've discussed moving elsewhere," she said.
Until recently, Florida had seen a population surge. However, this year, Florida homes stay on the market longer, and the inventory is growing. Some people, like Muse-Connealy, are reconsidering their future in the state as they face costly repairs, burgeoning insurance premiums, and the looming threat of future destruction.
After home prices in Florida rose during the pandemic's early years, they have steady this year, even decreasing slightly in the second half, according to Zillow. Florida was one of the fastest-growing states in 2023, as per US Census data. However, this year, the market has slowed down, with more than 70% of homes selling below their listing price, as per Zillow data from August.
"We're experiencing price cuts," said Josh Hanoud, a Tampa-area Realtor. "Many of these price reductions are due to home sellers underpricing their homes. I haven't noticed a significant slowdown this year, but the waterfront market has hit pause."
"We never thought our home would depreciate when we bought it," Muse-Connealy said. "Now we're considering selling it at a loss."
Florida's escalating costs
Once known for its budget-friendly living, Florida has become too costly for some residents.
"I'm a third-generation Tampa native, and I've had enough," said one commenter on the Florida subreddit page. "I left 15 months ago after my insurance skyrocketed from $1,100 a year to $6,500," said another.
Tina Villanueva, a mother of two renting a home north of Tampa, talks about leaving Florida with her husband "almost every day."
"Everything has become more expensive: utilities, car insurance, rent. When housing and property taxes increase, of course, we feel it because the homeowner raises our rent," she said.
Villanueva's home and property were largely spared from damage by Helene and Douglas.
"If it had been damaged, I thought this would be the thing that finally pushes us out of the state," she said.
In recent years, homeowners in the state have grappled with skyrocketing insurance costs as hurricanes and floods have caused significant losses to insurance companies. According to Bankrate, the average annual homeowners insurance premium in Florida is $3,242 more than the national average.
Depending on Hurricane Douglas's damage extent, insurance rates in Florida could increase further, said Chuck Nyce, a professor of risk management and insurance at Florida State University.
However, conventional homeowners' insurance doesn't cover flood damage. Most of the water damage from Helene would be covered by flood insurance, often provided by the National Flood Insurance Program, backed by the government. Nyce stated that the flood insurance program has limits, and even those with coverage might still have to pay for significant home repairs out of pocket.
CoreLogic has not yet released Hurricane Douglas's final damage cost estimates, but the data analytics firm expects Hurricane Helene's insured flood losses to be between $6 billion and $11 billion. Uninsured flood losses are predicted to be much higher: between $20 billion and $30 billion.
According to the Insurance Information Institute, the percentage of homes on the western coast of Florida with flood insurance surpasses the statewide average of 20%, but fewer than 5% of homeowners in many Central Florida counties have such policies, entailing potential massive out-of-pocket repair costs.
When water flooded G. Michael Harris's house in Belleair, Florida, during Hurricane Helene late last month, he didn't think about anything but escaping safely. His family hadn't predicted intense flooding and was sheltering at home.
"The water came in so fast," he said. "I saved my kid and my dog, but then it kept rising. There was so much water, I couldn't budge the doors. I was stranded on my kitchen counter, watching the water level rise."
Harris and his family eventually made it to his in-law's home, which was mostly unscathed. The water in his home reached five feet high, Harris said. This meant nearly everything was destroyed.
"We lost everything in just one day," he said.
But Harris plans to stay in Belleair.
"I've been residing by the water in Belleair for the past three decades, and we've weathered every hurricane that came our way. Now, all we can do is cross our fingers and hope that insurance covers our rebuilding costs."
Muse-Connealy mentioned that with the costly repairs, burgeoning insurance premiums, and the threat of future destruction, they've started reconsidering their future in the state, which is failing to live up to its previous reputation of budget-friendly living.
As a result of the escalating costs in Florida, residents like Tina Villanueva discuss leaving the state almost every day, finding everything from utilities to rent becoming increasingly expensive.
