Jul 11, 2026
It might sound like the fate of a character in a fable, or a line from Alanis Morissette’s famous 1990s hit “Ironic”: Man pays off his house, then the roof blows off.
Instead, it’s the unfortunate reality for one Florida man, who, on top of having the bad luck of seeing his house suffer severe damage from a hurricane, was also on the hook for the costs, since he had recently paid off his home and skipped on paying for homeowner’s insurance.
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Mike Parrot told Tampa Bay’s WFLA News that he and his wife had just paid off their home about two months prior to Hurricane Milton. The category 5 storm that hit Florida in October 2024 ripped the roof right off their home in Bradenton.
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The couple’s home was officially condemned, WFLA reported, and they had to live in their backyard studio while their home was repaired.
According to WFLA reporter Shannon Behnken, it’s a situation she often encounters: homeowners typically have insurance while they have a mortgage, but once their loans are paid off, they don’t renew their insurance to save money.
Behnken reported that as the cost of insurance has skyrocketed, “a growing number of homeowners are choosing to take the gamble — and many have lost.”
Insurance costs climbing
According to insurance comparison website Insurify, about one in five homes in Florida are uninsured. That puts Florida in the top six states with the most uninsured homes, even though the state’s climate-related disaster risk is high.
The cost of home insurance in Florida increased by 18% in 2025, compared to 2024, Insurify found. It’s the most expensive state for home insurance in the country — rates have jumped 14% since 2023.
While Insurify puts the national average for home insurance for 2025 at $2,948, the average for Florida was $8,292. Citing National Oceanic and Atmospheric Administration data, the company says that Florida has experienced at least 34 billion-dollar weather events since 2020.
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Passing on home insurance is a big risk
Going without homeowner’s insurance is risky business, especially in areas where climate-related weather events are more likely to happen. While there are no state laws that require homeowners’ insurance, if you have a mortgage, it’s likely your lender requires it.
WFLA News noted that homeowner’s insurance policies typically cover wind damage, as well as water damage that’s caused by wind damage.
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However, homeowners and renters should be aware that most insurance policies do not cover flooding, and you must purchase separate coverage for floods. According to FEMA, just one inch of water flooding in an average sized home could result in more than $25,000 in damages.
An analysis of FEMA data by the Miami Herald also revealed that the majority of Floridians don’t have flood insurance. Roughly 80% of Florida’s residential structures do not have flood insurance, the Herald reported in 2025.
If you have a mortgage and you live in a Special Flood Hazard Area, lenders that are federally regulated must require flood insurance under law, according to a Realtor.com report. But one in four flood insurance claims come from outside high-risk areas.
Amid the rising cost of living, many Americans are likely feeling the crunch when it comes to paying for home insurance. But if you are thinking about dropping your home insurance because of the high costs, consider that if disaster struck, the financial consequences could be even more devastating.
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Rebecca Payne has more than a decade of experience editing and producing both local and national daily newspapers. She's worked on the Toronto Star, the Globe and Mail, Metro, Canada's National Observer, the Virginian-Pilot and Daily Press.
