FLORIDA HOMEOWNER INSURANCE RATES REPORTED AS THE HIGHEST IN THE U.S.
Unfortunately we Florida residents are all in this together, paying the highest insurance rates in the US to insure our homes. This is an unfortunate side effect to living in our beautiful state due to our natural disasters like Hurricanes and Sinkholes. The reality is even though we have not been devastated by a Hurricane in many years, Florida insurance companies spent an abundance of years paying for sinkhole claims; however, many of these sinkhole claims did not justify the enormous insurance payouts that resulted. However, with recent changes to sinkhole coverage exclusions most Florida home insurance premiums have become more affordable since the company has less risk. However, it is extremely important you understand what this means to you – are you covered by sinkhole damage or not?
As Florida Insurance Specialists, OIG Insurance sees this as an opportunity to remind you it is more important than ever to review your Florida home insurance policy and coverage, compare your homeowners insurance premium, and ensure you have all the possible discounts available. OIG represents more than 20 different Homeowners Insurance companies just in Florida, including some of the most stable and well rated in our state. We can provide you with a comparison quote on your Home Insurance the same day. Please contact us by phone or send us a request through this website to provide you with a home insurance quote to see if you can save money.
Florida Has Highest Homeowner Insurance Rates In U.S., Despite Lack Of Hurricanes
Nearly 20 percent of the nation’s Hispanic population lives in Florida and is paying the highest homeowner insurance rates in the nation even though the state has not been hit by a hurricane in nearly a decade.
A national report released this week shows the average premium for most Florida homeowners is $1,933 a year, or nearly twice the national average of $978. Five of the six states with the highest rates are along the Gulf of Mexico.
The report by The National Association of Insurance Commissioners is based on 2011 rates and includes for the first time premiums paid by customers of Citizens Property Insurance. The state-created Citizens is the largest insurer in the state with more than 1 million policyholders.
Florida’s insurance rates have been steadily going up for the last several years even though the state has not been hit by a hurricane since 2005. State regulators have continued to approve rate increases this year, although there are signs rates may finally be stabilizing.
