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Homeowners insurance premium
How difficult is it to get homeowners insurance in Florida? I heard not only are premiums high but many insurance companies such as Farmers Insurance pulled out of the Florida housing market.
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3 Replies
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From my understanding, many homeowners especially elderly people who are on fixed income cannot afford homeowners insurance in Florida. Insurance companies are fleeing the Florida insurance marketplace because of the losses they took and are taking from the severe damage from hurricanes.
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Florida is expensive all around. Insurance for home and auto is costly. The Florida homeowner insurance market has always been difficult but in the past few decades the amount of fraud , attorney multipliers and catastrophic storms have increased significantly causing many small Demotec insurance companies to dissolve and large insurance companies like Farmers to pull out for underwriting reasons and concerns about profitability.
All that said there is hope. Help is on the way! More carriers are expected to enter the Florida market. As more carriers enter the state, the competition should help premiums cool down.
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If you need homeowners insurance please message me directly. My agency can help.