Florida homeowners are frantically trying to shop for a new policy after companies have dropped over 87,000 policies. This sudden policy drop is due to expensive hurricane damages throughout the state. Did you know hurricanes Irma and Michael caused over $15 billion dollars’ worth in claims alone?
Along with hurricane damages, water damage claims are skyrocketing. This has caused Florida home insurance costs to rise, leading to major carriers to drop their customers. Citizens Property states an increase in non-weather related water claims has affected rates too. That includes plumbing issues, roof problems, and other claims not tied to storms.
It’s no surprise that Florida is number one when it comes to expensive home insurance. In fact, the average premium here is almost double the national average. With these climbing rates, residents can struggle to find affordable coverage.
If you have been dropped from your current company, you will need coverage as soon as possible. If you haven’t been dropped, it’s still a good idea to ask your current provider if there’s a chance you could be. That way you can plan ahead and begin shopping for a new policy.
Customers that have not been dropped by their smaller state-based company can expect to see a premium increase of 8%. Therefore local insurance agents predict other companies will soon follow that lead.
With a premium increase to follow in 2019, Florida homeowners should expect to pay twice the national average in premiums.
How can I find a Florida home insurance company that fits my budget?