November 27, 2021
  • November 27, 2021

Florida homeowners face soaring property insurance rates

By on April 28, 2021 0

FORT LAUDERDALE, Florida – Florida is the most expensive state for home insurance. And while property insurance companies are trying to find ways to limit litigation, claims and fraud, the rising costs are hurting homeowners.

John Phillip said he had roughly the same bonus over the past eight years. In December, his insurer was unable to renew his insurance at the same rate. His home insurance rate has doubled.

“They couldn’t compete anymore because of the circumstances, the weather, everything is improving,” Phillip said.

The home insurance market is in turmoil as homeowners struggle financially during the coronavirus pandemic.

Hurricane Irma also came with the fraud. Mark Youngelson, an insurance broker, said both weather and non-weather claims had increased at a “shocking” rate.

According to an analysis by the National Association of Insurance Commissioners, more than 76% of all litigation against insurers in the United States in 2019 occurred in Florida.

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“There has been a tremendous amount of insurance claims filed over the past five to ten years,” said Youngelson of Insurance Express.

Youngelson said homeowners need to find agents who have multiple markets and keep in touch with their insurance agent.

He also said it was good to be proactive about maintenance and doing things like changing the water heater every 15 years and servicing the air conditioner and plumbing.

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