A Florida man paid off his house 2 months before Hurricane Milton blew his roof off – and he didn’t have home insurance.

It might sound like the end of a fictional character, or a line from Alanis Morissette’s famous 1990s album “It’s funny“: A man pays off his house, and the roof blows off.

On the contrary, it is the sad truth of a man in Florida, who, despite the misfortune of seeing his house damaged by the storm, again made headlines for expenses, as he had just paid off his house and skipped paying his 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 house about two months before Hurricane Milton (1). The category 5 (2) hurricane that hit Florida in October 2024 tore the roof off their home in Bradenton.

The couple’s home was officially foreclosed on, WFLA reported, and they had to live in a studio in their backyard while their home was being renovated.

According to WFLA reporter Shannon Behnken, it’s a situation she often faces: homeowners often have insurance while they have a mortgage, but once their mortgage is paid off, they don’t renew their insurance to save money.

Behnken reported that as the cost of insurance has increased, “a growing number of homeowners are choosing to take a gamble – and many have lost.”

Insurance costs go up

According to the insurance comparison website Insurify, nearly one in five Florida homes is uninsured (3). That puts Florida in the top six states with the most uninsured homes, even though the weather-related disaster rate is high.

Home insurance costs in Florida will increase by 18% in 2025, compared to 2024, Insurify found (4). It’s the most expensive home insurance situation in the country – rates are down 14% from 2023.

While Insurify put the national average for 2025 home insurance at $2,948, the Florida average was $8,292 (4). Citing data from the National Oceanic and Atmospheric Administration, the company says that Florida has experienced at least $34 billion in hurricanes since 2020 (4).

Read more: Are you paying too much for car insurance? Here are 3 smart ways to reduce your monthly debt

Passing home insurance is a big risk

Traveling without homeowner’s insurance is risky business, especially in areas where weather-related events are common. Although there are no state laws requiring homeowners insurance, if you have a mortgage, your lender probably does (5).

WFLA News noted that homeowner’s insurance policies typically cover wind damage, as well as water damage caused by wind damage.

However, homeowners and renters should be aware that most insurance policies do not cover flooding, and you should purchase separate flood coverage. According to FEMA, just one inch of floodwater in a modest home can result in more than $25,000 in damage (6).

An analysis of FEMA data by the Miami Herald also revealed that most Floridians do not have flood insurance. About 80% of Florida residential properties do not have flood insurance, the Herald reports in 2025 (7).

If you have a mortgage and live in a Special Flood Risk Area, state-regulated lenders must require flood insurance by law, according to a Realtor.com report (5). But one in four flood insurance claims come from outside high-risk areas (6).

Amid the rising cost of living, many Americans are likely feeling overwhelmed when it comes to paying for home insurance. But if you’re thinking of ditching your home insurance because of the high costs, consider that in the event of a disaster, the financial consequences could be even more dire.

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Sources of the article

We rely only on vetted sources and reliable third-party reporting. For details, see our conduct and guidelines.

WFLA (1); National Hurricane Center (2); Insurify (3), (4); Realtor.com (5); Ready.gov (6); Miami Herald (7)

This article first appeared on Moneywise.com under the headline: Florida man paid off his house 2 months before Hurricane Milton blew his roof off – and he didn’t have home insurance.

This article provides information only and should not be construed as advice. Offered without warranty of any kind.