On average, the cost of homeowners insurance in Florida has gone up by 32.5% since 2016. This is more than three times higher than the average rate change that the rest of the country experienced during this time period.

The average cost of home insurance is rising faster than inflation, — and they’re not likely to slow down with annual homeowners insurance premiums rising 11.4% between 2017 and 2020, according to S&P Global Market Intelligence. During that same time, inflation rose 5.6% per the Consumer Price Index (CPI).

This added expense comes at a time when homeownership is already becoming more out-of-reach for many Americans, as home prices surge and mortgage rates are expected to rise in 2022.

The average homeowners insurance cost rose to an all-time high last year to $1,398 annually, according to the Insurance Information Institute (Triple-I).

Growing home insurance premiums are due to a few factors, including “the frequency and severity of natural disasters over the past few years coupled with rising costs of items that go into rebuilding damaged homes,” said Michael Barry, chief communications officer at Triple-I.

Additionally, homeowners renewing their policies are also discovering that due to the rising material costs, supply chain disruptions and climate change, premiums are also being increased by an average 4 percent according to the Insurance Information Institute.

At great cost, you purchase property insurance to help provide you with relief when damage occurs to your property. Thus, you justly expect that when a claim is made, the insurance company will step in and do right by you. Unfortunately, and commonly, that is not the case and insurance companies do not respond timely or favorable to damage claims.

 

So, if you incurred property damage and a dispute arises under your insurance policy, let the Florida Property Damage Attorneys at the Consumer Law Office help you with your dispute, so that receive the compensation you are entitled to under your expensive  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 us today for a free consultation. 305-940-0924