NAVIGATING THE HIGH INSURANCE PREMIUMS
As extreme weather fueled by climate change becomes more common, homeowners face growing challenges, including skyrocketing insurance costs and limited options for coverage. Recent hurricanes, such as Helene and Milton, have underscored the devastating financial impact on those living in high-risk areas. We were very lucky this year in Miami for not having any hurricanes hit us but Florida was badly hit. Many families are left without sufficient insurance, leaving them to shoulder rebuilding costs alone.
This issue isn’t confined to coastal regions like Miami. Rising premiums, up 40% faster than inflation since 2017, are hitting homeowners across the country. Traditional insurers like State Farm and Farmers are withdrawing from high-risk states like Florida, while smaller insurers often lack the financial stability to guarantee coverage.
Government programs, like FEMA’s disaster grants and the National Flood Insurance Program (NFIP), provide some relief but fall short of covering actual rebuilding costs. FAIR plans, often a last resort for homeowners, can be costly and offer limited coverage. Meanwhile, policymakers are calling for solutions, including a federal reinsurance program to stabilize the market and help insurers re-enter high-risk areas.
For homeowners, the best step is preparation. Review your current policy and consider flood insurance— even if you don’t live near the coast. Proactively reinforcing your home against extreme weather can also reduce risks and potentially lower premiums
I'm here to guide you. Whether you’re buying a new home or need advice on protecting your investment, I’ll help you navigate these changing times and give you advise in regards to insurance choices.
AIRBNB TAX REFORMS: A PATH TO AFFORDABLE HOUSING?
The rise of short-term rental platforms like Airbnb has been a hot topic in the housing market. While these services bring in tourism dollars, they’re also linked to increasing housing costs. A recent study, however, sheds light on a promising solution: better tax enforcement on Airbnb rentals could help slow this trend.
Here’s how it works: Many Airbnb hosts aren’t paying taxes typically required of short-term rental businesses. This allows them to earn higher profits, encouraging more homeowners to buy properties specifically for short-term rentals. That's good for you and me but it results in driving up home prices and rents, making it harder for everyday buyers and renters to afford housing.
Researchers from North Carolina State University explored whether requiring Airbnb to collect taxes directly from hosts could make a difference. Focusing on Florida, where many counties have agreements with Airbnb to automatically collect taxes, they compared housing cost trends from 2012 to 2019. The results were clear: in counties with tax agreements, housing costs rose more slowly—by 1.6% to 5.8% less—compared to those without.
What does this mean for you? If implemented more widely, these tax policies could make housing more affordable while ensuring local governments receive their fair share of revenue. This could lead to better-funded public services and less financial strain on renters and buyers alike.
This study highlights a win-win scenario: a fairer system for short-term rentals and a step toward more affordable housing—a move worth supporting for both communities and the real estate industry.
GUIDE TO LIVING ABROAD: TOP PICKS FOR AMERICANS
You just paid your hefty property taxes and you're tired of your increasing monthly maintenance fees? You’re not alone! How is it abroad? Are we the only ones struggling with the high costs of owning a condo or a house? From affordability to adventure, Americans are finding irresistible reasons to live abroad. At least part time. Whether it’s the warm beaches of Costa Rica or the charming streets of Lisbon, or Rome in my personal taste, here’s a look at some of the most popular destinations for expats.
Why Move Abroad?
Lower costs of living, access to quality healthcare, and a chance to experience new cultures top the list. Many seem to choose places like Western Europe for perks like universal education and healthcare, perfect for retirees or remote workers.
Top Picks for Your Next Home
Making the Leap Not sure where to start? Well first you should travel there on vacation, then you come back and sell your condo with me and then you make the big leap.