2023 Average Florida Property Insurance Rates

If you ever wondered, how much does the average Florida homeowner pay for property insurance, you are not alone. Unfortunately, the answer is not easy to find as estimates vary wildly. While estimates vary, in most cases, homeowners can agree that insurance rates are skyrocketing, and coverage is getting harder to find. 

While legislation was passed in 2022 that legislators claim will help reduce insurance costs and stabilize the market, it has yet to help. We thought it might be a good idea to have a look at the cost of homeowners insurance in Florida.

What is the media reporting?

The average cost homeowners insurance in Florida can vary dramatically depending on the website you check. As an example: 

• PolicyGenius puts the average homeowner insurance premium at $2,442.
• Bankrate on the other hand calculates the average premium at $1,981 but this number only includes the home, it doesn’t include liability coverage, loss of use, or personal property.
• Insure takes the pain to a new level, claiming that the average Floridian is paying a shocking $7,788 a year for coverage. 
• USA Today says the average premium is $2,389.
• Finally, the Insurance Information Institute, an industry-funded nonprofit claims that Florida’s average home insurance premium is currently $6,000.

So which one is right? There is probably no way of telling as the estimates are calculated using “proprietary methods,” said Mark Friedlander, director of corporate communications for the Insurance Information Institute in a recent Sun Sentinel article.

The Florida Office of Insurance Regulation recently released data that shows lower premiums than ones reported on industry websites. 

The state’s most recent data comes from the insurers themselves who are required to send premium data to the OIR each quarter. The data is used by the state to create county-by-county estimates. The most recent report, showed the following:

• Homeowners in 48 of Florida’s 67 counties paid an estimated average premium of between $2,000 and $2,999. 
• The average was less than $2,000 in four counties – Sumter, Marion, Baker and Hernando.
• Average premiums were in the $3,000s in these counties: Lee, Okeechobee, Escambia, Okaloosa, Gulf, Pinellas and Indian River.
• Walton, Franklin and Collier County all paid an average that fell in the $4,000s.
• Average premiums climbed into the $5,000s in Martin, Palm Beach, Broward, Miami-Dade and Monroe counties. The average premiums in Palm Beach, Broward and Miami-Dade average more than $5,500, while in Monroe County, which includes the Florida Keys, homeowners paid an average of $7,584.

These average premiums were calculated by the Office of Insurance Regulation before rates went up due to higher reinsurance rates that insurers were forced to pay as hurricane season approached. This means that reports for the next six months will likely reflect significant rate increases.

The Sun Sentinel ran the numbers using available data and they came up with an average premium of $3,134.

Real Life Examples of High Premiums

According to the Sun Sentinel article, local insurance agents have seen huge increases in premiums for their clients. 

Phil Portnoy, a Fort Lauderdale-based insurance agent who works at Donna Carrara Insurance Agency said “The average I’ve seen in coverage from private insurers is between $6,000 and $10,000, let’s say, $350,000.” “I have seen renewals in Pinecrest up to $17,000 for one million coverage and Palm Beach County’s Intracoastal renewals up to $27,000 for $1 million coverage.”

Al Mendez, partner at Mendez & Associates Insurance in Pembroke Pines, said in the Sun Sentinel article that his average policies to insure homes in the tri-county area range from $4,200 to $6,000, with replacement costs of $300,000 to $500,000.

According to Mendez, some of his clients have seen increases of 100% to 200%. “Florida is now the most expensive state to live in,” he said.

Mark Friedlander of the Insurance Information Institute stated in the Sun Sentinel article that the Triple I estimate that the statewide average premium has increased from $4,231 last year to $6,000 this year. 

How are average premiums calculated?

Many insurance industry websites use the same source for their data. Insureify, PolicyGenius and USA Today all used insurance data from Quadrant Information Services to come up with their various estimates.

Insureify, calculated an average estimate of $7,788 for Florida, using Quadrant data. According to the Sun Sentinel article, the company developed its estimate using average costs in 10 zip codes “representative of each state’s population distribution.”  

“Even though we both gathered Florida data from Quadrant Information Services, prices vary greatly depending on where you live in the state,” Gardner said in the Sun Sentinel article. “For example, we found that average prices in northern, inland parts of the state were $2,000 to $3,000 per year or less, while prices in southern coastal cities like Miami can soar to more than $10,000 per year.”

Are you looking for cheaper Florida home insurance rates?

At GetHomeInsuranceQuotes.com, we specialize in providing the best rates and coverage options for homeowners living in Florida. We have over 30 different home insurance companies we can shop and review the best coverage and prices. Call us now at 1-888-685-4704 or get a quick quote online on our Florida Home Insurance Quotes page.

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