Florida Home Insurance

With super storms threatening the coast nearly every year, homeowners insurance in Florida has never been more important. Securing your assets and valuables can be just as crucial as boarding up your windows in the event of a Florida emergency, so The Simple Dollar has compiled the essentials of homeowners insurance in an easy to follow guide.

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Stats in Your State

It’s no secret that homeowners insurance claims in Florida are a common occurrence. Read on to get a better sense of how your premium cost compares with the national average, as well as more info on the driving forces behind the cost of premiums.

Homeowner Insurance Premiums

Florida homeowners insurance premiums stood slightly higher than the national average up until 2005, when they began skyrocketing in the aftermath of major storms.

Renter Insurance Premiums

Renters insurance premiums are as stable as Gibralter when compared with the fluctuations seen in homeowners insurance costs. Renters insurance premiums remained close to $200 per year throughout the mid-2000’s.

Existing Home Sales

The following graph reflects the boom of the housing market in the mid-2000’s, culminating with a decade low 262,500 homes sold in 2008 before skyrocketing again following the housing market bubble.

Flood Insurance in Region

Despite its high incidence of storm-related homeowners insurance claims, Florida experienced relatively few flood damage claims during the year starting October 1, 2011. At less than 700 flood damage claims, the graph bears witness to the sharp divide (and exclusions) of flood claims from storm and disaster claims.

Homes Built

Florida’s storm seasons are not kind to older structures, as evidenced by the following graph. More than 50% of home in the state were built after 1980, and over 70% of homes were built after 1970.

Rules in Your State

Florida’s regulation for insurance trade practices are clearly defined and straightforward. With regards to homeowners insurance, click on the following link to read through the accepted trade practices for insurers in the Sunshine State.

Florida Administrative Register & Code

Homeowners Insurance Practices

For readers interested in perusing the technical practice regulations for Florida insurers, the above link provides the administrative code for how insurers must conduct their business.

Representatives & Resources in Your State

Whether you need help with question about insurance, claims practices, or your rights as a consumer, the Florida Office of Insurance Regulation and the Florida Department of Financial Services are great resources to point you in the right direction.

Florida Office of Insurance Regulation (FLOIR)
200 East Gaines Street
Tallahassee, FL 32399
(850) 413-3140
Get Directions

Florida Department of Financial Services
Division of Consumer Services
200 East Gaines Street
Tallahassee, FL 32399-0322
Get Directions

Homeowners Insurance Consumer Guide
Florida Department of Financial Services Consumer Guides
This compilation of guides serves as a general resource for information on auto insurance, life insurance, health insurance, natural disasters, claims,and other info relevant to Florida insurance policyholders.

Disaster Relief and Claims
FEMA Region 4 Contact Information
In a hurricane prone area, FEMA (the Federal Emergency Management Administration) is an important resource for Floridians. Contact them at the above link.