Soaring insurance on coastal homes stressing even the rich

Miami’s Star Island is one of the United States' priciest neighbourhoods. (Image: Bloomberg)

Sun, 10 Sep 2023

By Felipe Marques and Devon Pendleton, with assistance from Katherine DohertyEven for Star Island, the most exclusive enclave in Miami, Florida, the bill is a shocker: US$622,000.That’s per year – for homeowners insurance.Granted, that was a recent quote for a policy on one of the ultra-luxe mansions on the Biscayne Bay island, an A-listers' haven. But, only last year, the same policy cost $200,000.So it goes across the United States in the rarefied playgrounds of the rich, where price – and, it seems, risks of climat...

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