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Property insurance has become a major burden to minority groups in Florida

The Florida Legislative Black Caucus says that the increase of property insurance is causing a major crisis.
Posted at 7:28 PM, Dec 13, 2022
and last updated 2022-12-13 19:28:42-05

TALLAHASSEE, Fla. (WTXL) — The Florida Legislative Black Caucus says that the increases of property insurance are causing a major crisis for minorities in the state of Florida.

Black neighborhoods pay 20% more in renters' insurance.

People with poor credit pay over 77% more on average for homeowners' insurance.

Caucus Chairwomen Rep. Dianne Hart (D-Tampa) and other members of the Florida Legislative Black Caucus got together at the Florida state capitol Tuesday morning to discuss how the disparity impacts minority groups.

"We're seeing people priced out of the housing market completely we also have an issue with our apartments, our rentals. Our rent has gone up 30% in some places. So, what were about to see is a serious homeless issue." says Rep. Dianne Hart (D-Tampa)

Here in Florida the average cost of a home is $300,000. With property insurance increasing this leaves a major burden on minority groups seeking to own or rent a home.

The Florida Legislative Black Caucus says the best way to help relieve the burden of high-cost property insurance is to provide more funding to minority homeowners.