Tampa resident Slake Counts opts not to renew his homeowners insurance after a significant price increase, considering selling his home and leaving the state. Florida ranks as the third most expensive state for homeowners insurance, with premiums averaging $5,828 annually for a $300,000 home, compared to the national average of $2,424.

Factors contributing to the rising cost of home insurance include increased home prices, building material costs, and the impacts of climate change, particularly in disaster-prone areas like Florida. Some insurers are withdrawing from certain states, prompting homeowners to consider forgoing coverage, although experts caution against the risks of being uninsured.

Nearly 13.4% of homeowners nationwide lack adequate insurance coverage, with the highest rate in the South at 15.7%. Experts stress the importance of having insurance to mitigate financial risks in case of property damage or loss, especially for those in disaster-prone areas like Florida.

While some homeowners are considering going without insurance due to rising costs, experts emphasize the importance of having coverage to protect against financial risks. Shopping around for insurance, making home improvements, and exploring other states with lower premiums are alternative options to consider before going bare.

Read more at Yahoo Finance: Florida homeowner’s insurance jumped to over $14K, so he’s gone ‘bare’ instead. Consider this before dropping coverage