{"id":2944,"date":"2023-09-22T12:18:17","date_gmt":"2023-09-22T12:18:17","guid":{"rendered":"https:\/\/www.gethomeinsurancequotes.com\/blog\/?p=2944"},"modified":"2023-09-22T12:18:18","modified_gmt":"2023-09-22T12:18:18","slug":"why-is-florida-homeowners-insurance-so-expensive","status":"publish","type":"post","link":"https:\/\/www.gethomeinsurancequotes.com\/blog\/why-is-florida-homeowners-insurance-so-expensive\/","title":{"rendered":"Why is Florida homeowners insurance so expensive?"},"content":{"rendered":"\n
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Homeowner insurance premiums are dramatically heading up this year, particularly in states that are prone to natural disasters. According to a new report from Policygenius, the average homeowner policy went up 21% nationally which is on top of a 12% increase that homeowners endured last year.\u00a0<\/p>\n\n\n\n

As usual, Florida<\/a> is at the top of the list when it comes the most expensive homeowners premiums in the country as well as the largest premium increase last year. Residents of the Sunshine State, saw a 68% increase which is almost double the nationwide increase of 35%.<\/p>\n\n\n\n

The Florida insurance market has been suffering for years due to hurricanes and severe weather as well as fraud related to roofing claims. While legislators have made some progress to help solve the fraud issues, it may be years before the new legislation actually impacts premiums. <\/p>\n\n\n\n

Adding to the pain in Florida is the fact that nine insurance companies have gone under since January 2021 and other major insurers (Farmers for example<\/a>) have stopped writing policies in the state altogether which makes homeowners insurance more expensive and offers residents less choice. Citizens Property, the insurer of last resort in Florida is currently the largest homeowner insurance company in the state.<\/p>\n\n\n\n

When it comes to rapidly rising insurance premiums, states that are prone to tornadoes, hurricanes and wildfires are seeing the largest premium increases over the last two years. <\/p>\n\n\n\n

The following states saw the biggest increases in homeowners insurance from May 2021 to May 2023 according to the Policygenius report:<\/strong><\/p>\n\n\n\n