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Florida Named Most Expensive State for Property Insurance

Posted on Jan 10, 2014

The National Association of Insurance Commissioners (NAIC) has released its 2011 Homeowners Insurance Report, an analysis of the most recently available data related to home insurance policies across the United States. This year’s report revealed that Texas is no longer the most expensive state to buy homeowners insurance – Florida now holds the title. The data, which explores state-specific information connected to residential property insurance, provides information on policy types, policy forms, and amount of insurance coverage.

According to the new report, the average cost of homeowners insurance in Florida in 2011 was $1,933; experts believe that that number has only increased in the two years since. The average cost of a homeowners insurance policy in the Sunshine State is four times as much as in Idaho, the state with the lowest average homeowners insurance policy costs.

The report shares that 69 percent of insurance companies that requested rate changes asked for increases even though many insurance companies posted large profits after a hurricane season.

Why have rates gone up?

Some point to the fact that Governor Rick Perry has not made efforts to keep prices down as former governor Charlie Crist did. In addition, experts add that this is the first year that the NAIC included data from state-run Citizens Property insurance, which handles many of Florida’s riskiest properties and which handles about 20 percent of all residential property insurance across the state. Louisiana, which also had state-run insurance information added to the dataset this year, also surpassed Texas in the list of most expensive states for homeowners’ insurance policies.

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