Florida Property Insurance Spikes in 2023
Are you noticing a steady increase in your property insurance premiums in Florida? Well, you're not alone. Florida property insurance has compelled house owners to worry about the consistent upward price trend. Did you know that Florida is now - in 2023 – on the top of the list regarding home insurance prices, and the insurance price of the property is increasing by 30% annually? If not, keep up with the article to know the latest and essential trends in Florida property insurance. I have brought you the quintessential update of 2023 about property insurance, and the cost of Florida property centered around why is the insurance of property rising drastically. So, let's find out how the high cost of Florida property insurance has shocked house owners in Florida.
Florida Property Insurance Crises Escalating
Florida property insurance skyrocketing/Photo by designer491/iStock photo. Property insurance was high before Hurricane Ian, so now what?. If you are a homeowner or property manager, then you likely know the cost of property insurance was off the charts before the devastating effects of Hurricane Ian. The Florida property insurance industry was quickly becoming untenable. Homeowners were paying $4,231 a year for insurance. That's nearly triple what folks in other states pay. Furthermore, insurance companies in Florida are either going bankrupt or leaving the state because they can no longer afford to pay off legitimate claims. As an example, FedNat Insurance Company canceled 56,000 policies in May 2022. Recently, the company arranged to have 83,000 more policies transferred to another company. Still, with Hurricane Ian's impact hanging over everything like the Sword of Damocles, it remains to be seen if these policies will remain in effect. According to current stats, the damages from Hurricane Ian will exceed $42 billion and possibly rise to $57 billion.