Florida homeowners face soaring property insurance rates

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

John Phillip said he has had about the same premium for the past eight years. In December, his insurance carrier couldn’t renew his insurance at the same rate. His home insurance rate doubled.

“They couldn’t match it anymore due to the circumstances, the times, everything is going up,” Phillip said.

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

Hurricane Irma also came with fraud. Mark Youngelson, an insurance broker, said claims that are both weather-related and none-weather related have 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 U.S. in 2019 was in Florida.

“There is a tremendous amount of insurance claims filed in the last five to 10 years,” said Youngelson, of Insurance Express.

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

He also said it’s good to be proactive with maintenance and do things like changing the water heater every 15 years and servicing the air conditioner and the plumbing.

About the Authors:

Sanela Sabovic joined Local 10 News in September 2012 as an assignment editor and associate producer. In August 2015, she became a full-time reporter and fill-in traffic reporter. Sanela holds a Bachelor of Arts degree in communications with a concentration in radio, television and film from DePaul University.

The Emmy Award-winning journalist joined the Local 10 News team in 2013. She wrote for the Miami Herald for more than 9 years and won a Green Eyeshade Award.