FL: Home Insurance Springing Higher

Same as it ever was, except $4,231 would be extremely cheap for a yearly insurance bill in the Keys.


This year’s process was “just nasty” due to limited availability and higher prices, said Joseph Petrelli, president of Demotech Inc., a ratings firm with expertise in Florida’s residential property-insurance market. Many of the prices were up 15% to 25% this year, he said.

Many Florida homeowners will face premium increases of 5% to 10% to help their carriers pay for the more-expensive reinsurance, said Kevin McCarty, a former Florida insurance commissioner whose Celtic Global Consulting specializes in insurance.

Floridians already pay some of the highest home-insurance premiums in the nation, at an average of $4,231 this year, according to projections by trade group Insurance Information Institute. Rate increases are subject to regulatory review.