Florida’s Property-Insurance Bills Skyrocket by 125%, Causing Chaos

Florida’s Elder Care Industry Struggles as Insurance Costs Soar

The collision of climate change and an aging society in Florida is wreaking havoc on the state’s elder care industry. The rising costs of commercial-property insurance, driven by more powerful storms and hurricanes, are pushing many care providers to the brink.

Filicia Porter, the owner of The House of Cares, was forced to shut down her assisted-living facilities in Palm Beach and Port St. Lucie due to skyrocketing insurance bills. The closure left a dozen residents without a place to live, highlighting the dire consequences of the industry’s financial struggles.

As baby boomers flock to Florida for retirement, the state is grappling with one of the most elderly populations in the US. The demand for senior care is soaring, but the rising insurance costs are making it increasingly unaffordable for providers like Porter.

The situation is dire for many operators, with insurance premiums in Florida surging at nearly five times the national pace. The mounting costs are forcing nursing homes to close down, while others are struggling to make debt payments.

Palm Garden Healthcare, a 14-location nursing home chain, had to shutter its assisted-living facility due to a more than doubling of its property insurance bill in just two years. The industry is facing a looming crisis, with operators like Porter and Palm Garden CEO Rob Greene feeling the pinch of escalating insurance costs.

As the industry grapples with the financial strain, the future looks uncertain for Florida’s elder care providers. Without government intervention or relief, many fear they won’t be able to weather the storm of rising insurance costs and climate change impacts. The need for solutions to this societal problem is urgent, as the elder care industry in Florida teeters on the edge of collapse.