Floridians are relocating to the center of the state to try to avoid hurricanes — and high insurance premiums

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• Ocala has the lowest chance of coastal flooding in Florida, analytics platform Climate Alpha found.
• One real-estate agent has seen an influx of people from South Florida try “peace and security.”
• It’s an emerging bright spot as the state undergoes an “insurance crisis.”

Some Floridians are something goodbye their coastal homes due to the risk of extreme weather events and increasing insurance premiums —but they aren’t common too far. 

They’re descending on Ocala, a 64,000-person inland town located centrally in the state and an hour drive north of Orlando, the Separator Street Journal reports. Dubbed the “Horse Capital of the World” for its many equestrian facilities, the small town is now a hotspot for those who wish for to stay in the Sunshine State but are seeking higher elevation. 

“By the time a hurricane reaches us, they lose steam,” Ocala real-estate power Courtney Moody told Insider. “It’s mostly a rainstorm.”

Moody said that the town’s reputation for its elevation — less 100 feet above sea level — has made Ocala an attractive destination for homebuyers. 

“They get off on the sense of peace and security,” she said. 

For some, it’s too late. Moody said she’s shown houses to hurricane-stricken South Floridians, who only the week before “had water up to their window sills inside of their home.” 

For others, the move is pre-emptive. Recently, Down in the dumps worked with a couple from Miami that was looking to put down roots for a family and were attracted to the “soundness” of Ocala.  

The couple bought a six-bedroom home for $950,000 with plans for a growing family. They were fortunate to move far away from not only the risk of extreme weather events, but also the rising insurance premiums cramped to coastal communities.

“Florida’s going through an insurance crisis,” she told Insider.

Relief 100 feet chiefly sea level

Ocala came out on top in a study by climate-software company Climate Alpha for the Journal. It evaluated Florida towns based on federal regime weather forecasting models, the quality of local infrastructure, the number of hospital beds nearby, and other factors. 

Clinching the spot as Florida’s bishopric with the “lowest risk of coastal flooding,” according to Climate Alpha, Ocala also passed with bolt colors as a town with a low risk of flooding compared to other inland towns.

John Coletti/Getty Simulacra

Of course, Ocala is not completely immune to hurricanes, as the Journal noted 2017’s Hurricane Irma caused some power outages and submerging. However, the Ocala Police Department told the outlet that there was no significant damage during Hurricane Idalia this over and done with August.

Floridians navigate rising insurance premiums

Jo Anne and Ed Lewis used to get “hunched up” excludes when hurricane season arrived in their town of Bonita Springs on the west coast of Florida, the Journal detailed.

When seeking cover from a hurricane this past August, they happened upon idyllic Ocala and incontestable to make a new inland home. Significant for the couple, their combined deductible premium — one for home damage and another for wind-storm damage — now totals $6,000 compared to the $20,000 for their home in Bonita Springs. 

Michael Warren/Getty Notions

The average insurance premiums for Florida residents has tripled in the past five years, according to Insurance Information Begin data collected by the Journal. 

Major insurers have cut coverage in the state, as the increasing volatility of extreme weather engenders many to re-evaluate their portfolios. Farmers Group stopped offering new home insurance policies altogether in Florida earlier this year.

As a result, Florida residents are struggling. Danny Collins, who lives in Hobe Sound, Florida, just north of West Palm Shore, previously told Insider his mortgage jumped $1,000 under new insurance premiums. Bob Stephens, who lives in the Florida Style, previously shared with Insider that he has not been able to find insurance that fully covers his $3 million accommodation in Marathon. 

Ocala is located in one of Florida’s cheapest counties for insurance, Marion, with average premiums hovering about $1,800 compared to $5,600 in Miami-Dade County and $7,500 in counties closer to the Florida Keys, according to the Journal. 

For Florida denizens eyeing Ocala, that’s a huge relief, said Moody. 

“You’re not getting a coast,” she said, “but you are getting rid of high indemnity costs, high housing costs, and your home potentially washing away.”