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Florida most expensive in nation for home insurance

Florida most expensive in nation for home insurance

Florida most expensive in nation for home insurance
News from Daytona Beach News-Journal:

Published: Wednesday, December 25, 2013 at 7:24 p.m.
Last Modified: Wednesday, December 25, 2013 at 11:18 p.m.

A new report ranks Florida as the most expensive state in the nation for home insurance, a dubious distinction that is straining homeowners’ budgets and increasingly threatening the state’s economy.

The average premium for a typical homeowner’s policy is $ 1,933 in Florida, according to the latest data released last week by the National Association of Insurance Commissioners.

That is four times the cost of a policy in Idaho, the cheapest state for homeowner’s insurance.

Homeowner’s insurance is now twice as expensive in Florida as the national average, raising concerns about what the trend means for the Sunshine State. Florida’s reputation for low-cost living, a key driver in its growth for decades, could be challenged by steadily increasing property insurance rates.

“Having affordable homeowner’s insurance is critical,” said Sarasota Realtor David Clapp, a managing broker with Re/Max Alliance Group.

The annual NAIC homeowner’s report compiles premium data from 2011, the most recent year for which numbers are available.

The two-year-old data almost certainly underestimates the extent of Florida’s property insurance woes; rates have steadily risen since then.

Despite a hugely…………… continues on Daytona Beach News-Journal

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