{"id":2527,"date":"2022-04-06T13:27:32","date_gmt":"2022-04-06T13:27:32","guid":{"rendered":"https:\/\/www.homeinsuranceking.com\/blog\/?p=2527"},"modified":"2022-04-06T13:29:28","modified_gmt":"2022-04-06T13:29:28","slug":"why-does-home-insurance-cost-so-much-in-florida","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/why-does-home-insurance-cost-so-much-in-florida\/","title":{"rendered":"Why does home insurance cost so much in Florida?"},"content":{"rendered":"\n
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Florida has long been a favorite of retirees due to their lack of income taxes and pleasant weather. However, home insurance rates in Florida<\/a> have been skyrocketing for years and the high cost of insuring their retirement home is impacting retirees in the Sunshine State.<\/p>\n\n\n\n

According to a recent statement by Mark Friedlander of the Insurance Information Institute (Triple-I), the Florida property insurance market is \u201con the brink of collapse.\u201d A number of insurers have gone under in the last few years and other insurers are pulling out of the Florida market altogether or raising rates. The average premium in Florida has jumped to $3,600 compared to the national average of $1,398.<\/p>\n\n\n\n

When the Triple I ran the numbers, many homeowners in Florida experienced a premium increase of 50 percent or more last year and statewide the average increase hit 25 percent comparted to just 4 percent nationwide.<\/p>\n\n\n\n

“Based on current rate filings, we project average premium increases across the state will range from 30-40% this year,” Friedlander said in a recent interview.<\/p><\/blockquote>\n\n\n\n

Why is home insurance in Florida so expensive?<\/strong><\/h2>\n\n\n\n

The main reason that premiums continue to climb in Florida is continued losses year after year by insurance companies due to out of control fraud in the roofing industry combined with frivolous lawsuits by less than honest lawyers who partner with roofing companies to sue insurers. <\/p>\n\n\n\n

Due to the shocking number of lawsuits, many Florida based insurance companies have been forced to non-renew customers in certain areas, raise premiums or even declare bankruptcy. In the last 30 months, six Florida insurers have gone under. <\/p>\n\n\n\n

While legislators in Florida have tried to resolve the issue via new laws, so far, they have been unsuccessful. They recently failed to pass bipartisan legislation. Their failure will continue to make it very difficult for Floridians to find affordable homeowner coverage. <\/p>\n\n\n\n

How to save money on your Florida homeowners insurance<\/strong><\/h2>\n\n\n\n

If you call Florida home and are looking for ways to save money on homeowners insurance, we have put together a few tips. <\/p>\n\n\n\n