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No major storms, but Florida’s property insurance rates keep rising

No major storms, but Florida’s property insurance rates keep rising

No major storms, but Florida’s property insurance rates keep rising
News from Tampabay.com:

TALLAHASSEE — Marco Tarafa was stunned to find that his homeowners insurance policy is increasing by nearly $ 1,000 a year — all because inspectors couldn’t get into his attic, where there was no crawl space and about 24 inches of insulation.

Tarafa was a customer of state-backed Citizens Property Insurance Corp. for eight years, and his rates had been stable over much of that time. Tarafa pays $ 2,200 for his policy on his 1,800-square-foot, ranch-style home in Miami Gardens. Unless something changes between now and when the policy renews in May, he’s looking at a $ 980 increase, a hike of nearly 45 percent.

He is among thousands of Florida homeowners forced to take coverage offered by Citizens and a target for being moved to another company in Citizens’ attempts to downsize.

For Tarafa and millions of other Florida businesses and homeowners, property insurance rates keep soaring even though a hurricane hasn’t made a direct hit in the state in seven years.

The average Florida homeowner is paying twice as much for insurance as just six years ago, according to industry statistics. In some areas, the increases are much higher.

Data from the New York-based Insurance Information Institute shows homeowners’ claims are up by an average of more than 17 percent over the past decade. They are virtually all due to noncatastrophe claims involving w…………… continues on Tampabay.com

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