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.
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
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.
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.