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 damage throughout the state. Did they know hurricanes Irma and Michael caused over $15 billion in claims alone? Years later, this is still having an effect. It has people asking why, in 2022, did their Florida home insurance company drop them?
Why Did The Florida Home Insurance Company Drop Them?
Along with hurricane damages, roofing damage claims are skyrocketing. The spike in claims has caused Florida home insurance costs to rise, leading major carriers to drop their customers. In addition, Florida Insurance Quotes has seen an increase in non-weather-related claims. These claims include plumbing, roof, and even landscaping issues unrelated to storms.
It is no surprise that Florida has the most expensive home insurance in the United States of America. The average premium here is almost double the national average. Unfortunately, residents can struggle to find affordable coverage with these climbing prices.
What Are The Options After The Florida Home Insurance Company Dropped The Customer?
If the Florida home insurance company dropped them, they would need coverage immediately. However, if the carrier has not declined them yet, it is essential to ask them if there is a chance they could be. That way, they are prepared to begin shopping for a new policy.
Customers with a smaller state-based carrier who has not dropped them yet should see a premium increase. Local insurance agents predict that other companies will soon follow. With a premium increase in 2023, Florida homeowners should pay twice the national average in premiums.
How Can Anyone Find A Florida Home Insurance Company That Fits The Budget?
Suppose they are trying to shop for a new Florida home insurance policy or are looking to save some money on the policy. In that case, Florida Insurance Quotes can help customers save about $1200/year on average for a Florida home insurance policy. With a sudden premium increase in 2022, all FL residents want to save as much money as possible. We are the easiest way to shop and compare policy prices. It only takes seconds to receive accurate quotes from several companies in Florida Insurance Quotes. Find only the best for everyone.