Florida’s Property Insurance Rates

“The report notes one of the big historical problems in Florida: In 2021, Florida had 6.91% of all U.S. insurance claims in the U.S. – but three out of four property insurance lawsuits (76%) were in Florida (from Fla. Releases County-by-County Property Ins. Report, Florida REALTORS® website at https://www.floridarealtors.org/news-media/news-articles/2023/01/fla-releases-county-county-property-ins-report?utm_campaign=1-12-23+Florida+Realtors+News&utm_source=iPost&utm_medium=email).”

The combination of lawsuits, hurricanes, and the rising prices of homes over the past couple of years is a perfect storm for higher property insurance rates in Florida. That is what happened back in 2005-2006 as Florida was plagued with hurricanes and rising home prices, and both the hurricanes and rising prices of 2022 make for a much worse financial burden on Florida insurance companies now.

Insurance companies are not in business to lose money; they are in business to make a profit. So they must pass on the cost of doing business to the consumer – or to the government for bail outs which will actually in the long run be a cost to the consumer in the form of higher taxes. I could be wrong, but historically, that is what happens…..

Florida’s real estate market is certainly a state to watch in 2023-2024!

About Mary Kelly

Mary Kelly is a retired community college professor, a licensed real estate broker in the states of Florida and Georgia, and a writer. She has three masters' degrees and is an avid reader - mostly of non-fiction. Her areas of study and experience are in business, computer science, and education. She currently resides in Waycross, Georgia, and her home is truly furnished for the comfort and convenience of her dogs. She loves the outdoors and loves walking in parks along lakes and on beaches. And she is somewhat of a minimalist and doesn't value having a lot of possessions.
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