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Already The Nation’s Highest, Homeowners Insurance Florida Rates Continue To Grow

If you’re looking for homeowners insurance, Florida rates can seem astronomical. Florida is the most expensive state in America for insurance for the home, and there’s little relief in sight. The typical premium for the average house in Florida is close to $2000 per year. That’s more than four times the cost of insuring a house in the least expensive state, Idaho. Florida homeowners insurance is more than double the national average, and continued cost increases could threaten the state’s reputation for a low cost of living compared to the rest of the nation.

Hurricane Claims Are Down, Profits Are Up For Insurers

Florida insurers are enjoying profitable years as hurricane claims are way down recently, and that’s making state insurance regulators examine homeowners insurance Florida rates more carefully. Florida has a recently instituted a state-run homeowner’s insurance pool called Citizens Property Insurance as well as more traditional free-market policies offered by private insurers. Some observers expected Citizens Property to put downward pressure on rates, but in the latest year with available figures, adding Citizens data into the average added almost 25 percent to the premium average. This increase may be attributable to Citizens offering coverage to homeowners living in the riskiest properties for insurance, which would command even higher premiums in the private market, or might even be uninsurable. Citizens Property now accounts for almost 20 percent of the entire home insurance market in Florida.


It’s sometimes difficult to estimate the true cost of insurance by looking at state to state averages because of big variations in real estate value, potential hazards, including natural disasters, and economic conditions.

Homeowners Insurance Doesn’t Cover Flooding

In Florida, customers are less interested in comparisons to other states, and only need to look at the number at the bottom of their yearly bill to know how expensive the best homeowners insurance in Florida is getting. Some residents and regulators have also raised concerns about the potential for their insurers to fold if they’re faced with a cataclysmic natural disaster that would strain their already shaky reserves, despite the high rates they are charging.


It’s important to note that the high cost of homeowners insurance is only the beginning for weary Florida ratepayers. Flood insurance is not calculated in when discussing home insurance, and flood insurance rates are skyrocketing as well. Damage by flooding is specifically not covered by standard homeowners insurance policies. Rates are set on the federal, not the state level, and flood insurance policies can add thousands more to the cost of insuring even a modest home in Florida. Even long-time residents are feeling the pinch as older homes in low-lying areas are singled out for dramatic rate increases.

High Insurance Rates Threaten Florida’s Reputation For Low Cost Of Living

When people move to Florida to retire, work, or to buy a vacation home, they’re often pleasantly surprised by the congenial climate, low property taxes compared to many states, and no state income tax, but insurance rates are becoming an unpleasant surprise for just as many, and could eventually make Florida less attractive for new citizens.

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