Florida Home Insurance Jumps $1,300 In One Year

A new analysis from Insurify examined projected home insurance rate increases for 2025 compared to those in 2024. It was measured both in percentage terms and in absolute dollars. On a dollar basis, Florida had the largest increase, averaging $1,320. This brings the Florida annual total to $15,460. Although the jump was substantial, it is part of a broader national trend.

“It’s not just a story for areas like coastal Florida or the wildfire-prone parts of California. It’s a much more national story,” said Benjamin Keys, a professor of real estate and finance at the University of Pennsylvania’s Wharton School. Rates are forecast to rise 15% in Minnesota.

Hurricane Damage

However, Florida is a special case. Based on Hurricanes Helene and Milton alone, the state suffered billions of dollars in damages. And this hurricane season is expected to be more violent and produce more frequent storms. 

The insurance rates are driving residents to leave their homes and move elsewhere. In some cases, they can’t afford the new rates. In others, there are no insurers at all. Buyers cannot obtain mortgages without insurance. 

One notable part of the trend, particularly in Florida, is that there is no slowdown. Rates are expected to increase again next year.

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