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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 Ocala:

Published: Tuesday, December 17, 2013 at 6:27 p.m.
Last Modified: Tuesday, December 17, 2013 at 6:27 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 homeowners policy is $ 1,933 in Florida, according to the latest data released this week by the National Association of Insurance Commissioners.

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

Homeowners insurance is now twice as expensive in Florida as the national average, raising concerns about what the trend means for the Sunshine State’s future. 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 homeowners insurance is critical,” said Sarasota Realtor David Clapp, a managing broker with Re/Max Alliance Group.

The annual NAIC homeowners report compiles premium data from 2011, the most recent year for which numbers are available. The 2-year-old data almost certainly underestimate the extent of Florida’s property insurance woes; rates have steadily risen since then.

Despite a hugely profitable…………… continues on Ocala

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