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Florida Homeowners Pay The Highest Insurance Rate In Nation

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(credit: Thinkstock)

(credit: Thinkstock)

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TALLAHASSEE (AP) — Florida hasn’t seen a hurricane since 2005, but that hasn’t stopped property insurance rates from going up.

Florida homeowners are paying the highest property insurance rates in the nation according to a new report.

The National Association of Insurance Commissioners released a report on Monday that shows that the average premium for Florida homeowners is $1,933. That’s nearly twice the national average according to data compiled by the organization.

Five of the six states with the highest rates are along the Gulf of Mexico.

The report is based on 2011 rates and includes for the first time premiums paid by customers of Citizens Property Insurance. The state-created Citizens is the largest insurer in the state.

Florida’s insurance rates have been steadily going up despite years without any hurricanes. There are some signs that rates are finally stabilizing now that reinsurance rates are going down.

(TM and © Copyright 2013 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2013 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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