Florida News That Impacts You – November 27th, 2023
Bottom Line: Your daily recap of the biggest news from around the state that impacts you in South Florida.
- A new property insurer is entering Florida’s market for condo insurance which will lead to lower premiums for tens of thousands of condo associations across the state. Condo Owners Reciprocal Exchange is entering Florida’s condo insurance after having been approved by state regulators. The insurer is taking on the policies of 53,750 condo associations from Citizens Property Insurance. According to Florida’s insurance commissioner, 70% of the newly written policies will include premium decreases for the condo buildings.
- Heavy travel delays were experienced at South Florida’s airports throughout the weekend due to high volume, weather events across the country and runway construction at Palm Beach International Airport. Over the weekend 316 delays occurred at Fort Lauderdale Hollywood International, 290 at Miami International and 96 at Palm Beach International. TSA estimates that Sunday was the busiest day of the travel season.
- Florida’s housing market remains strong. The latest report shows prices in Palm Beach County in October rose 11.3% year-over-year to a median price across all housing types to $473,000. In Martin County prices rose even higher, by 15% year-over-year to $480,000. In Indian River County prices have risen 6.9% year-over-year to an average of $370,000.
- It appears that we’ll have a quiet end to hurricane season this week with the National Hurricane Center not expecting any activity the rest of the way. A cold front will be making its way into our area today which will result in lows in the 50’s overnight tonight into tomorrow.
- Gas prices have exited the Thanksgiving weekend at their lowest levels of the year. Statewide the average price for regular unleaded is $3.01 per gallon – 3 cents lower than a week ago. In Palm Beach County the average price is $3.20 per gallon and in Indian River County the average is $3.03 per gallon.