Connect with us

Hi, what are you looking for?

Business / Economy News

Report: Florida Property Insurance Five Times Higher Than National Average

A recent survey by insurance research firm Insurify found that Florida’s average property insurance rate is five times higher than any other state in the country.

Results from the survey were analyzed and reported by the Orlando Business Journal. Florida’s average is $10,996 per residence and that figure is expected to rise an additional 7% to $11,759 in 2024. Florida far outranks the top 10 most expensive states, with Louisiana ranking second at $6,354, followed by Oklahoma at $5,444 and Texas at $4,456.

Insurify’s report also suggests that the national average rate was $2,377 in 2023, which is an increase from $1,984 in 2021. Additionally, an additional 6% increase to $2,377 is forecasted in 2024.

<

According to the Orlando Business Journal’s article, Florida had the second-largest amount of insured damages last year, or $390 billion, behind Texas at $400 billion. Of the 10 most expensive cities for homeowners’ coverage, six are on the coast of South Florida, with the remaining four on the coasts of Louisiana and Mississippi.

Last year, Florida Gov. Ron DeSantis called for a special legislative session to address surging property insurance rates. Ultimately, the Florida Legislature passed a property insurance reform bill from state Sen. Jim Boyd, R-Bradenton, and state Rep. Tom Leek, R-Ormond Beach. The bill passed on largely party lines, clearing the Senate on a 27-13 vote and the House on an 84-33 vote. The bill provides property tax refunds for the portion of the year that homes were uninhabitable due to hurricane damage from Hurricanes Ian or Nicole. The bill also includes $150 million for affordable housing hurricane recovery efforts, including $60 million to assist with the repair or replacement of housing, relocation costs, limited-time rental assistance, and other recovery needs, of which $25 million may be used to provide assistance to homeowners to pay insurance deductibles.

*The link takes you to this product on Amazon. We are on Amazon Associates. As an Amazon Associate I earn from qualifying purchases.

Archives

Related Articles

Trending News

Still No Budget DealNo specific date has been announced yet, but Florida lawmakers will return to Tallahassee to hash-out differences on budget proposals.Formal conference...

Popular Stories

TALLAHASSEE, Fla. — Florida Governor Ron DeSantis signed two new bills aimed at strengthening animal protection laws across the state. The legislation, known as...

Trending News

Florida Governor Ron DeSantis signed Florida House Bill 999, a bill that recognizes gold coins and silver coins as legal tender for the payment...

Election News

MIAMI, FL – Miami-Dade County, long considered a Democratic stronghold in Florida, has experienced a significant political shift, with the latest voter registration data...

Advertisement
Florida Daily
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

HOW WE COLLECT E-MAIL INFORMATION:

If you sign up to subscribe to Florida Daily’s e-mail newsletter, you will provide us your e-mail address and name, voluntarily, and we will never obtain any of your contact information that you don’t voluntarily provide.

HOW WE USE AN E-MAIL ADDRESS IF YOU VOLUNTARILY PROVIDE IT TO US:

If you voluntarily provide us with your name and email address, we will use it to send you one email update per weekday. Your email address will not be given to any third parties.

YOUR CONTROLS:

You will have the option to unsubscribe to our E-mail update at anytime by clicking an unsubscribe link that will be provided in each E-Mail we send.