Report: Florida Still Has Nation’s Highest Home Insurance Costs

insurance servicesFile this under bad-but-not-at-all-unexpected news: according to the latest The Palm Beach Post’s Property Insurance Guide, Florida once again leads the nation in the cost of home insurance.

According to the report:

The state’s average annual premium of $2,055 soars above the national average of $1,132, according to the National Association of Insurance Commissioners January 2017 report. Texas checks in at $1,947 and Louisiana averages $1,847 for a standard homeowner policy known as an HO-3.

Florida enjoyed an 11-year hiatus from hurricanes until 2016, but insurance industry officials say the state’s risk of catastrophic damage remains high, with 80% of the population living in coastal counties.

Hurricane Hermine made landfall last year, but the overall risk for hurricane’s and flooding remains higher than other state’s around the country, thus the higher rates from Florida home insurance companies. In fact, the Sunshine State is the only place in the country with average premiums surpassing the $2,000 mark.

How To Find Affordable Home Insurance in Florida
If Florida home insurance costs seems high, it’s nothing compared to the costs of not having insurance. According to 2012 data, about 7.2% of insured homes had at least one claim, which means that over a 10-year period, the chances are very, very high that you too will have to file a claim (especially if you live here in Florida).

Fortunately, almost all homeowners have insurance. The 2014 Insurance Information Institute poll revealed that fully 95% of homeowners had home insurance, compared to just 37% of renters (it helps when you’re required to purchase home insurance).

But just because home insurance premiums in Florida lead the nation in costs, that doesn’t mean you don’t have options for affordable home insurance policies. So how do you find affordable insurance policies?

One popular choice is to bundle insurance services by purchasing car insurance and home insurance from the same provider; however, the best way to get affordable home insurance is to work with the right company.

Emerald Coast Insurance takes pride in offering homeowners in Panama City insurance services they can afford. If you’re looking for affordable insurance quotes, contact us today to find a policy that works for your budget.