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.
