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What You Didn’t Know About Rising Insurance Premiums In Florida

Many people see their statements and realize the price they’ve been paying for the past few months has mysteriously risen in cost. Of course, that is never a good feeling. But, here are some things citizens may not have realized about the rising insurance premiums in Florida.

The Trouble With Rising Premiums In Florida

It takes many people by surprise. Too many people usually don’t know that the things they might do could potentially increase the premium they’ve been paying. After all, the tiniest change can sometimes affect an entire premium, even when you least expect to see it.

Much of the ‘blame’ for rising Florida insurance premiums belongs to the insurers. However, many Florida Insurance companies have standards and rules that help them efficiently calculate reasonable rates for individual customers. So, not two customers have the exact insurance—the rate for that reason.

Is there a real reason some customers seem to have lower Florida Insurance premiums than others? Of course, there’s a reason. The main reason is that their records may be influencing the low costs. The better those records look to insurers, the better their rates get.

Why Your Florida Premiums Are Rising

Many insurers look for the ‘smallest’ reason to potentially increase a premium, mainly because some customers may be more likely to file a Florida Ins. Claim than others. That’s one of the reasons why these customers tend to pay a little more than others who may be less likely to file a claim.

The Influences

  • Credit scores: Your credit score is much more influential than you think. Many Florida Insurance companies use your credit history and your credit score to determine how much they should ‘price’ your premium. Some states, however, don’t allow insurers to set rates by using a customer’s credit score as an influence.
  • Claims history: Suppose you’ve claimed at any point. In that case, your insurer will have already shared that information via the Comprehensive Loss Underwriting Exchange (CLUE), allowing other insurers to see the information. So, suppose they see that there’s anything in your claims history. In that case, different insurers may use that information to potentially ‘boost’ your rate.
  • Location: Sometimes, the area will affect the cost of your premium. This increase usually happens when the property (usually determined through zip code) hosts many former and current customers who may have made claims in your area. Due to that information, some insurers in one place may charge more than others in a completely different zip code.
  • Personal history: Insurers often consider personal information when determining rates. For people looking for car insurance, it’s usually their driving record and the claims history of similar drivers.

People are looking for affordable insurance. Carriers may offer higher or lower rates based on their personal and family history. In addition, some employer insurers may charge base rates on the entire workforce and claim records.

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