Rising Property Insurance Premiums Burden Florida Homeowners: Hillsborough County Family Struggles
Introduction: The Financial Strain on Homeowners
Florida homeowners are grappling with unprecedented financial challenges, primarily due to soaring property insurance premiums. This situation is particularly dire for families like April Self’s, who are still recovering from the devastating effects of Hurricane Milton.
Key Facts About Florida’s Insurance Crisis
- Insurance Costs: Florida consistently ranks among states with the highest average property insurance premiums. According to NerdWallet, the average cost of home insurance in Florida for 2025 is projected to reach $2,625.
- Property Relief Proposal: Hillsborough County Property Appraiser Bob Henriquez is advocating for a Home Insurance Relief Property Tax Credit, aiming to assist homeowners facing annual insurance premium increases of 15% or more.
Hillborough County’s Ongoing Struggles
The Self family’s challenges highlight the broader issue faced by many Floridians. After evacuating their home due to severe flooding, they returned only recently.
“This is all the paperwork we have done with FEMA, SBA,” April Self stated, surrounded by a mountain of documentation.
Despite residing in a FEMA-designated non-flood zone, the couple opted to purchase flood insurance, a decision they now find increasingly burdensome. They have resorted to depleting retirement funds to manage their financial obligations.
Monthly Financial Drain
- POD Storage Costs: $250/month
- Mortgage Payments: Ongoing, alongside utility bills and temporary Airbnb accommodations
“We’re getting through it,” Self reassured, though she expressed concern over the rising premiums looming ahead.
“With everything that went on, I think that it will definitely go up,” she acknowledged.
The Proposal for Relief
Hillsborough County property appraiser Bob Henriquez is pushing for legislative changes to relieve financial pressure on homeowners. His proposed Home Insurance Relief Property Tax Credit aims to help those who experience significant increases in insurance costs.
Key Components of the Proposal
- Target Audience: Homeowners who have faced a 15% or greater increase in property insurance premiums.
- Income Guidelines:
- Credit available for households earning up to $150,000.
- Additional support for families earning below $80,000.
Henriquez emphasized, “It is all about economic insecurity for the average person.” His proposal seeks to mitigate the impact of rising property insurance costs and related property taxes, providing much-needed support to families.
The Self Family’s Financial Challenges
The Self family recently secured a second mortgage to remain in their home, but they are worried about long-term affordability.
“We don’t want our homeowner’s insurance and property taxes to skyrocket because we already, woof, we already pay this amount for a house,” April shared, expressing concern about the new mortgage set to begin in January.
Potential Consequences for Families
- Job Security: The couple worries about the financial strain should either of them lose their job.
- Cost of Living: Rising payments create substantial anxiety, as daily living costs continue to increase.
“What happens then?” Self asked, expressing her frustration with the relentless financial obligations.
Conclusion: The Need for Urgent Action
The financial strain imposed by skyrocketing property insurance premiums is an escalating crisis affecting numerous families across Florida. The proposed Home Insurance Relief Property Tax Credit by Bob Henriquez may provide a lifeline for struggling homeowners.
For more information on managing rising insurance costs and finding effective solutions, visit Florida’s Department of Financial Services.
As Floridians navigate this challenging landscape, the hope for legislative support to aid in financial recovery remains paramount.