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Fraud & litigation push Florida home premiums to national high

The annual average cost for home insurance in Florida is expected to surpass $4,230 this year, Triple-I reports.

Welcome to Florida sign. Credit: Ingo70/Shutterstock “Floridians are seeing homeowners insurance become costlier and scarcer because for years the state has been the home of too much litigation and too many fraudulent roof replacement schemes,” Sean Kevelighan, Triple-I CEO said. “These two factors contributed enormously to the net underwriting losses Florida’s homeowners insurers cumulatively incurred between 2016 and 2021.” (Credit: Ingo70/Shutterstock)

As property insurers in Florida continue to fall, policyholders statewide can expect to pay three times more than the national annual average for coverage this year as the Insurance Information Institute (Triple-I) is projecting the state will see average annual home insurance costs reach $4,231 in 2022.

The average home insurance costs in Florida have been steadily rising, Triple-I reported. In 2020, policyholders in the state paid an average of $2,505 for coverage. A year later the average rose to $3,181.

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Steve Hallo

Steve Hallo

Steve Hallo is managing editor of PropertyCasualty360.com. He can be reached at [email protected].  

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