Tampa homeowner drops property insurance after rates soar, joins growing trend of 'going bare'

TAMPA, Fla. — A Tampa Heights homeowner has made the difficult decision to drop his property insurance after his premiums increased by thousands of dollars, joining a growing number of Florida residents going without coverage. It's called "going bare."

According to a 2024 article in the Insurance Business Journal , 15-20% of Floridians don't have property insurance coverage, the highest in the nation. A risky decision a homeowner can take if their mortgage is paid off.

'THAT'S ENOUGH FOR ME'

Slake Counts, an actor and anthropologist who owns a 1913 bungalow in Tampa Heights, who emailed Tampa Bay 28 anchor Nadeen Yanes following one of her insurance reports from state leaders saying Florida's insurance market is recovering and rates are coming down.

It prompted him to check his own policy, and instead found his 2026 renewal went up thousands to $14,523 dollars.

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"I went back and looked at my policy and listened to your words of hope, I didn't get that connection. There was a disconnect for me," Counts said.

He decided enough was enough.

"It went to eight, then 10, and then this year, the policy increased to $14,000 a year, and I decided that's enough for me."

He decided to drop insurance altogether. Counts received a notice of lapse for his property insurance policy effective Dec. 14, 2025.

"It was kind of like accepting the inevitable," Counts said.

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Since Counts paid off his mortgage in 2022, he's no longer required to carry property insurance. This option, known as "going bare," is only available to homeowners without mortgages.

"It is [scary]," Counts added. "It was time to what do they say? Fish or cut bait?"

INSURANCE AGENT SAYS THERE ARE OTHER OPTIONS

"I think the overall consumer sentiment is they're tired of insurance," said insurance agent Jake Holehouse. "It's really expensive, and there's a lack of coverage on there. And it's just been years of rate increases without having a payout. It really can wear a consumer down."

Despite understanding Floridians' frustration with insurance costs, Holehouse says homeowners have options before dropping coverage completely.

OPTION 1: GET LIABILITY COVERAGE ONLY
The first option is purchasing only liability insurance, which provides slip and fall coverage for visitors to the property.

"At a minimum, we recommend to somebody, hey, at least take some liability coverage," Holehouse said.

OPTION 2: DROP WIND COVERAGE
The second option involves dropping wind and hurricane coverage while maintaining protection for other perils like kitchen fires, pipe breaks and break-ins.

"On average, that's, you know, anywhere between $800-$2,000 a year for that type of policy," Holehouse added.

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OPTION 3: HARDEN YOUR HOME
The third option is making home improvements such as installing a better roof, hurricane clips and shutters, which can significantly reduce insurance rates.

"If I spend $15,000 on a roof, and my rate drops from $14,000 to $4,000, now my roof pays for itself in 18 months, and I get to keep insurance coverage on my house," Holehouse said.

However, Holehouse warns that once there's a true lapse in coverage, it becomes very difficult to obtain insurance again.

"Most carriers require prior coverage within 45 or 60 days. The reason is that way people don't drop insurance November 30, at the end of hurricane season, and then go to buy new insurance June 1," Holehouse said.

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For Counts, the insurance crisis has him considering leaving Florida entirely, pricing him out of paradise.

"There may be other options for me at this time in my life that don't necessitate me continuing to live in Florida or Tampa," Counts said. "I'm not the only one in this boat. A lot of people are being priced out of paradise."