Florida's mega-rich could pay $600K for annual home insurance in elite enclaves as the state is slammed with increasingly severe hurricanes

• Insurance rates in Florida have tripled in recent years, according to Bloomberg.
• For the ultra-rich, insurance companies could sell five- to six- figure policies.
• The cost goes up as more people move into coastal areas that are especially at risk, per Bloomberg.

How much would it cost to insure a $50 million mansion against hurricanes in the elite enclave of Florida's Star Island?

According to a recent Bloomberg report, the owner of such a home was charged $622,000 per year.