According to Insurify.com, property insurance premiums have risen dramatically across the country in recent years, due to inflation, record-high home market values, increased cost of building.  But perhaps there is a more significant issue for the Florida Keys. Throughout Florida, dramatic  increases in average premiums are largely due to natural disasters!

Here are the 5 most expensive states for home insurance premiums and how much homeowners pay per month for $300,000 in dwelling coverage:

• Florida: $916/mo

• Louisiana: $530/mo

• Oklahoma: $454/mo

• Texas: $371/mo

• Mississippi: $359/mo

Note that 4 of the 5 are on the Gulf Coast.  Oklahoma - tornado alley.  

Now think about workforce housing.  To cover the cost of property insurance, property taxes, and debt payments, how is workforce housing even possible without subsidies? An Islamorada home with $300,000 of taxable value would be charged $2,661/year in taxes based on current year’s millage.