As the good citizens of Florida struggle to find property insurance carriers and with reasonable rates, know that Florida is not alone in their frustration.

 

Homeowners insurance rates across the U.S. have been trending upward for more than five years — increasing by a cumulative 19.1% since 2018.

 

Increases have been highest in New Mexico (8.3%), Arizona (8.2%) and South Dakota (7.3%). One state — Minnesota — saw a decrease (0.4%), while rates didn’t change in Wyoming, Colorado and Alaska.

 

Last year, North Carolina saw the most significant increase (12.4%), followed by Oklahoma (11.2%) and Arizona (11.0%). The rate didn’t change in Wyoming, while Vermont (0.7%) and Maine and Alaska (both 1.0%) saw slight rises.

 

Between 2018 and 2023, homeowners’ insurance has increased by a cumulative 19.1% across the 50 states and D.C.

In this period, insurance premiums have risen the most cumulatively in Florida (41.5%), South Dakota (36.8%) and Arizona (35.5%). Premiums have risen the least cumulatively in Wyoming (0.8%), Alaska (1.1%) and Vermont (2.1%).

While in 2022 there were 119 natural catastrophes, which led to $98.9 billion in insured losses, however the ultimate reason for increases, is due to greed and fraud on the carrier side, which resulted in not having enough reserves to cover the claims.

 

Homeowners can expect to see their premiums increase by an average of 7.1% in 2023, according to S&P Global Market Intelligence. In Florida, currently the increase is unknown. All Floridians know is that there will be significant increases but likely below the 20% threshold insurers need to facilitate the takeout of Citizens policies.

 

The Consumer Law Office (CLO) Is here to help you with your property damage claim from the start of damage through settlement of your property damage claim!

If you are engaged in a dispute with your property insurance company, immediately contact The Consumer Law Office (CLO) to have your property damage claim reviewed by one of our Florida Property Damage Claim Attorneys. Our attorneys are highly experienced and knowledgeable in property insurance law and adjusting of damage claims. The CLO team will aggressively advocate your property damage claim on your behalf and litigate as necessary to help you get the benefits you are entitled to under your insurance policy.

 

Contact CLO Today 305-940-0924 for a FREE Comprehensive Property Damage assessment and consultation. Visit https://consumerlawoffice.com/

 

Your insurance company hires experts to protect their interests; your representation should be no different.

 

We only get paid when you get paid by your insurance company.

Contact CLO Today! 305-940-0924