Households in Florida, the third most populous state in the US, have been grappling for some time with a property insurance crisis that is making home ownership unaffordable for many.
Climate change is threatening the very existence of some parts of Florida. And the high costs of insurance are already being felt by Floridians. At the end of 2022, average annual property insurance premiums had already risen to more than $4,200 in Florida – three times the national average.
Andrea, 68, a retired office manager in the automotive industry from Pinellas County, has lived in Florida for almost 30 years. “But if my homeowner insurance premium goes up further,” she says, “I may have to sell up and move to another state.”
Like many other Floridians, Andrea’s private insurance premium doubled in the past two years, and became her largest monthly bill, bigger than her mortgage payment.
“My insurance premium went from $750 in 1999 to a little over $3k last year, before jumping to $4,678 in 2023, despite the fact that the area I live in has not had a direct hit by a hurricane in over a hundred years and I have an itty-bitty house. Luckily, I was able to get insurance through the state-funded program [Citizens Insurance]. This brought my premium down to $2,200 annually, so I can stay for now.”
Andrea is among a number of Florida citizens who shared that the rapidly exploding hurricane cover premiums has made their insurances unaffordable.
If a dispute arises under your insurance policy, the Florida Property Damage Attorneys at the Consumer Law Office (CLO) can help you with your dispute, so that you can receive the compensation you are entitled to under your insurance policy. At CLO, we will take the time to review and interpret your policy to understand the full measure of damages available to you.
We have helped numerous home and business owners successfully recover the compensation they deserve. Best of all, there are no upfront fees, and we only get paid when you get paid by the insurance company.
Contact CLO Today 305-940-0924 for a FREE Comprehensive Property Damage assessment and consultation. Visit https://consumerlawoffice.com/
