Living in paradise isn’t getting any cheaper. Between rising insurance premiums, climbing property values, and creeping tax bills, Palm Beach and West Palm Beach homeowners are feeling the heat—and not just from the sun.
Hurricane Season = Insurance Hikes
Florida’s insurance crisis just keeps rolling. TRUE, a Florida-based insurer, wants to hike its homeowners’ insurance rates by a whopping 31%, blaming hurricanes, reinsurance costs, and past mismanagement. That’s an extra $1,357 a year for policyholders—ouch.
Most insurers have kept rate increases small this year, but if regulators approve TRUE’s request after July 1, it’ll be the biggest hike Florida’s seen in a while.
Property Taxes Quietly Climbing
Even though Palm Beach County is keeping its millage rate steady at $4.50 per $1,000, rising home values mean your tax bill is still headed north. With nearly $5 billion in new construction and an 8% jump in taxable values, most homeowners will see their taxes rise in 2026.
Florida’s 3% cap on primary residence tax increases helps, but appraisers are making up for lost time after recent property value spikes.
Big Budgets, Big Bills
The Sheriff’s Office budget just hit a record $1.1 billion, presidential security is costing millions, and beach parking fees are rising. More spending battles are ahead as county leaders finalize the 2026 budget this fall.
The Bottom Line
From insurance to property taxes, expect your wallet to feel the pressure this year. Homeownership in Palm Beach and West Palm Beach? Still dreamy—but definitely not cheap.
