Florida home insurance premiums Archives

Florida Home Insurance Premiums on the Rise Again

January 8, 2025January 7, 2025 G. Turner

Why Florida’s Insurance Rates Are Climbing Faster Than Ever Home insurance premiums in Florida are climbing higher, sparking fresh concerns among homeowners and consumer advocates. While stabilized rates in early 2024 offered respite, recent data from the third quarter show an uptick in costs, reversing the trend of slowing increases. Understanding the factors behind these changes is vital for homeowners and industry leaders alike, as new dynamics including inflation, reinsurance prices, and storm recovery efforts take center stage. Rising Insurance Premiums in Florida An analysis of data from Florida’s Office…

Florida home insurance crisis is cutting into real estate market

November 2, 2023November 1, 2023 Marc

Property buyers are stepping back from otherwise affordable homes due to high coverage costs. Home insurance agents aren’t the only professionals feeling for their clients as rates continue to rise to crisis levels in Florida. Real estate agents are also finding that their customers are frustrated with the additional expense of a prospective new house when they see what their premiums would be. Floridians looking to buy their dream houses aren’t just stressed about the price of the property. Property prices are already climbing fast, but even among those who…

Florida home insurance rate hikes lead to protest at 55+ community

August 24, 2023August 23, 2023 Nordstrom

The demonstration broke out in response to skyrocketing premiums making their properties unaffordable. Hundreds of homeowners recently held a protest at their Florida 55+ living community called Century Village in response to the latest increase to their monthly home insurance fees. According to the seniors living in the community, many are being forced to sell because of this added cost. The Pembroke Pines, Florida community has been watching their monthly housing fees steadily climb due to the exploding home insurance costs as the state fights a crisis in its property…

New Florida laws target home insurance affordability

August 1, 2023July 31, 2023 H. Cutner

Home insurance Affordability - Florida Law -

The new legislation is taking aim at the rapidly rising cost and reducing availability of property coverage. Skyrocketing home insurance rates in Florida have become a massive problem for many property owners in the state who are struggling to be able to find coverage they can afford. The state has been teetering on the edge of crisis, and the situation is continuing to worsen recently. Depending on the area, Florida home insurance rates have been spiking to the point that they are well out of reach of many property owners.…

Florida passes homeowners insurance bill including $10k for home hardening

May 30, 2022May 28, 2022 Marc

State residents could receive $2 for every $1 they pay for upgrades to protect their homes from damage. Florida state lawmakers have passed a bill to update homeowners insurance regulations and bring back a 16-year-old program that would pay an owner as much as $10,000 for home hardening upgrades. The goal of the legislators was to help ease the sharply increasing rates residents are paying for coverage. The new program meant to help reign in the skyrocketing homeowners insurance rates is called My Safe Florida Home. It has been designed…