Florida homeowners are frantically trying to shop for a new insurance policy after companies have dropped over 87,000 Florida 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 that an increase in non-weather related water claims has affected claims too. That includes plumbing issues, roof problems, and other insurance 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 prices, residents can struggle to find affordable coverage.
What are my options?
If you are a FL resident and have been dropped from your current company, you will need coverage as soon as possible. If you haven’t been dropped, it’s still important to ask your current provider if there’s a chance you could be. That way your household is prepared to 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%, which gives local insurance agents reason to 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?
If you are trying to shop for a new Florida home insurance policy or are looking to save some money on your policy, Florida Insurance Quotes can help customers save about $1600/year on average for a Florida home insurance policy. With a sudden premium increase in 2019, all FL residents want to save as much money as possible. We are the easiest way to shop and compare policy prices. In fact, it only takes seconds to receive accurate quotes from several companies. Find only the best for you and your family.