Lise, identified as a tech brand builder and cybersecurity writer, expressed concerns on the social media platform X regarding potential tax increases for second-homeowners in Florida. She said that higher taxes combined with increasing insurance costs following stronger hurricanes could drive these homeowners away from the state, exacerbating the housing market situation.
“Ron DeSantis: If you make second homeowners in Florida shoulder more local taxes for services they use less than locals, that incentivizes them to leave and stop buying homes,” said . “Hurricanes are getting stronger; homeowners insurance is increasing and harder to find for places near (much less on the) water. A mass exit hurts Florida’s real estate market, which already lost value from Helene and Milton.”
Florida lawmakers are currently engaged in discussions about property-tax reforms in response to rising homeowners insurance costs after Hurricanes Helene and Milton struck in late 2024. Governor Ron DeSantis and legislative leaders have considered convening a special session to explore tax relief options for second-homeowners, who do not benefit from homestead caps and are facing significant premium hikes. This issue highlights the connection between tax burdens and post-disaster insurance inflation, as reported by WUSF.
According to the Insurance Information Institute, Florida’s homeowners insurance rates saw a sharp increase after recent hurricanes but have since shown signs of stabilization. In 2024, average premiums rose by less than 2% year-to-date, aided by tort reform and reduced litigation. Additionally, Citizens Insurance transferred approximately 400,000 policies back to the private market. These developments indicate tentative improvement, according to both Triple-I and Florida’s Office of Insurance Regulation.
Post-hurricane real estate data reveal that Florida’s coastal housing markets have cooled down. Redfin reported a decline in pending sales by 15.2% year-over-year in Fort Lauderdale and 14% in Miami during the four weeks ending November 10, 2024, while national sales increased by 4.7%. Analysts attribute this decline primarily to rising insurance costs and storm-related uncertainties affecting second-home markets more severely.
Lise is publicly described as a tech brand builder and cybersecurity writer. She uses the username @XVPR_Sweetheart on X (formerly known as Twitter).
