Florida homeowners dropping their insurance in face of high premiums

[greensboro]

MIAMI – Skyrocketing property insurance costs are pushing some Florida residents to drop their coverage altogether.

"We see more people throughout the state of Florida choosing a risky option of going from being insured to self-insuring," said Mark Friedlander, with the Insurance Information Institute.

Matt Friedman, who has had property insurance while living in his Coral Gables home for 17 years, is wondering if he needs to change course.

"We're getting to a point now where it's really math," Friedman said.

Even with upgrades he's made to reduce insurance premium costs, his annual premium is north of $10,000.

"I know a lot of people have seen their premiums go up more," added Friedman.

One of them is a nearby neighbor, who told CBS News Miami off camera that her annual premium is more than $20,000. She's considering going without insurance