Hurricane-prone Florida has seen its property insurance surge 125% in the past five years at nearly five times the national growth rate. Last year, annual premiums soared 27% for the second year in a row.
At the same time, Florida's population has been surging with aging Baby Boomers, who have filled its senior care facilities, from independent living to skilled nursing and everything in between.
Now, the burden of higher property tax premiums has become effectively a new tax on an industry that already has had its margins squeezed by labor shortages, soaring wages and rising supply costs.
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