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How high will my Florida Homeowner's insurance go? |
How high will my Florida Homeowner's insurance go? No one can really answer this question. Even Citizens - a company created by the state of Florida is having a difficult time providing affordable coverage. From what I read in the insurance trade publications companies are dropping policy holders, rasing rates, or both. Insurance is regulated by the states. And, rates are based on the cost of claims in each state. Florida has had a bad couple of years in terms of hurricanes. Insurance companies have paid out a lot of money in claims and they are now trying to charge enough in premium to make their business in Florida profitable. It may be hard to believe, but the insurance industry worries about high insurance prices too. They worry that the cost of their policies will become so high that no one can afford insurance. How much your insurance will go up will depend on a lot of factors. How close are you to the coast? What kind of home you have? Who you are insured with? And, what the Florida legislature does this year about regulating the industry. I suggest that you call the Florida Department of Financial Services. Tell them who you are insured with. Ask them if your company has asked for a rate increase, and if so, how much of an increase. That will give you some idea of how much your individual rates will go up. If there are a couple of seasons without bad storms then you will see prices level off and eventually fall. If the storm seasons remain active then insurance costs will continue to go up. |
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