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Are Florida homeowners finally paying lower insurance premiums?

Tue Feb 21st, 2017 on     Homeowners Insurance,    

Those of us who call Florida home thanks to its sunny skies, miles of sandy coastlines, lush greenery and rich diversity are all too aware that our choice of residence often comes at a cost. Indeed, this reality becomes painfully apparent when it comes to homeowners’ insurance.

Reports have long shown that Sunshine State homeowners pay some of the highest homeowners’ premiums in the nation and a recently released study by the National Association of Insurance Commissioners shows this trend continuing.

What was the average annual premium in Florida? 

After examining a comprehensive data pool compiled by state regulators, the NAIC’s January 2017 report reveals that the average annual premium for a standard homeowner policy here in Florida is $2,055, the highest in the U.S. for the second straight year.

How much does the average homeowner pay in annual premiums?

To put how much more Floridians pay into perspective, consider that the NAIC researchers found that the average annual premium for a standard homeowner policy in the U.S. is $1,132.

Why is Florida so consistently plagued by these high annual premiums?

The very same thing that makes Florida so appealing to so many people is also what makes it so very expensive in terms of homeowners’ insurance — the weather.

Indeed, despite the fact that most of our days are sunny and we were hurricane-free for 11 years until 2016, premiums always have — and probably always will — remain high owing to the simple fact that the majority of homeowners live in coastal counties, meaning in the potential path of a super storm.

Was Florida alone in having exceptionally high annual premiums?

The NAIC report reveals that Florida’s neighbors to the west, Texas and Louisiana, also have exceptionally high annual premiums with homeowners paying $1,947 and $1,847, respectively.

If you have questions or concerns relating to the denial or delay of claims made under a homeowners’ insurance policy, consider speaking with a skilled legal professional as soon as possible.

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