This Florida metro is the capital of foreclosure of the United States – here is what is behind the crisis

A Metropolitan region of Florida drew attention as a chief of a category of particular housing in the United States – but it is not a cause of joy.

The State Lakeland region had the nation highest entry rate In 2024 among metropolitan areas with at least 200,000 residents, according to real estate data company Attom. Housing out of 172 out of 172 had foreclosure deposits.

A certain number of factors can contribute to this figure – including an influx of population – but a common theme expert underlined was the price of Home insurance.

“When these insurance premiums start to start, they cannot make payments, they simply do not know what to do,” said Bob Miller, a real estate broker, a real estate broker, a real estate broker, a real estate broker, a real estate broker, a real estate broker, a real estate broker, a real estate broker, said News Channel 8 in a story published on March 27. “So, many of them, for lack of a better term, they curl up in a little ball and they wait in a corner so that someone knocks on the door. This is not the best option.”

Here is what is behind high insurance rates and what you can do to protect your home wherever you are.

Florida is subject to natural disasters, including hurricanes, floods and forest fires, and largely because of these insurance prices are among the highest in the country.

The Floridians pay an average annual premium of $ 5,292 For a house worth $ 300,000, according to Bankrate. This represents almost twice the national average of $ 2,267.

The main home insurance suppliers and progressive, AAA and farmers' insurance wrapped in some casesBecause the cost of operation in the state has become prohibitive for many insurers.

In 2024, Mark Friedlander of Insurance Information Institute told CBS News Miami that an internal study which had revealed that 15% to 20% of the Floridians were Residual insurance – Compared to 12% across the country.

Find out more: The United States's “ Gauge afraid has exploded – but this 1 Active “à la test of shocks” is up 14% and helping American retirees to stay calm. Here's how to own it as soon as possible

However, some real estate experts say that state insurance rates do not tell the whole story behind Lakeland's seizures. Gate Arty, director and co -owner of Keller Williams Realty, recognizes the impact of insurance premiums, but he does not think that Lakeland has a foreclosure problem.

“Distress sales are simply not an important element of our market at the moment,” he told News Channel 8, stressing that an increased real estate activity in the region can affect figures.

For owners everywhere in the country who face the risks of natural disasters, it is essential to take preventive measures to protect your domestic and banking account in the event of a serious incident.

One of the first steps towards financial security in this case is to ensure that you can afford your insurance premiums while having a cushion in place in the event of an increase or unexpected expenses. Establish a healthy budget And stick can give you room to breathe, while a emergency fund can protect you from financial stress.

To make more space in your budget, plan to shop for a new insurance rate. A few hours spent online or on the phone can bring hundreds of dollars of savings per year that you can use to strengthen your finances.

If you need serious budgetary relief, refinancing your mortgage or work with your lender to modify the terms of your mortgage can help you avoid the failure and foreclosure of your home.

“Often, the biggest problem is that the owner does not communicate with the bank, and this is where things are really starting to become uncontrollable,” said Miller.

In the wake of these insurance affordability problems, many owners of Florida can consider self-assurance instead of working with an insurance company. However, experts warn against such a step.

The defense of insurance consumers in Florida, Tasha Carter, said in an interview in December: “The owners would need a substantial quantity of capital in order to ensure that they can rebuild their home if it is considerably damaged and uninhabitable”, Tasha Carter, defender of Florida insurance consumers, said Wesh 2 news in December. “Most owners simply do not have enough accessible capital to be able to carry out these repairs.”

This article only provides information and should not be interpreted as advice. It is provided without guarantee of any kind.

Source Link