The majority of carriers who have not fled the State or become insolvent in 2022 and continue offering homeowners coverage in Florida have sought rate increases from 12% to 32% in recent years. As a general rule, policyholders will continue to see rates increase on all policies across the board, regardless of prior claims history. Until Florida’s homeowners insurance market stabilizes, or legislation is introduced to curb attorney fees and lawsuits, we can expect increases each year and tighter underwriting requirements when insuring homes. This makes it very difficult for your agent to place coverage for your home, as many carriers may not be offering coverage in your area.
There are a few areas you, and your family can take control to lower your premium.