Florida Home Insurance Rates Top $16,000–Miami, Fort Lauderdale
AccuWeather expects the upcoming hurricane season to be the worst on record. Some areas of Florida have become unaffordable for middle-class residents.
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Home insurance levels in areas prone to this violent climate change have soared. Florida’s average annual home insurance rate, at $10,996, tops all states. That rate is expected to increase by 7%. Louisiana is second at $6,354. That figure is expected to soar by 23%, according to Insurify. The study also states, “Despite recent reforms, finding private homeowners insurance is so difficult in Florida that the state-run Citizens Property Insurance Corp. is now the largest insurer in the state.” Climatecrisis247 believes this problem will worsen with no end in sight. AccuWeather expects the upcoming hurricane season to be the worst on record. Some areas of Florida have become unaffordable for middle-class residents.
Huge Miami Home Insurance Rates
Some cities are much worse off than Florida as a whole. The average premium in Miami is expected to reach $16,886. The city has a FEMA Risk Rating of “very high.” The rate is nearly as high in Fort Lauderdale at $16,112.
Insurify points out, “Six of the 10 most expensive cities for homeowners insurance are on the South Florida coast, and all have average annual rates above $11,000. Five of the six Florida cities have a “Very High” risk of natural hazards, according to FEMA’s National Risk Index.”
The rates do not just strain household budgets. These added costs, on top of mortgage payments, mean the value of homes in these zones will fall. If there are more significant storms in these areas, they will fall quickly.
