Florida Homeowners Pay The Highest Insurance Rate In Nation

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 This material may not be published, broadcast, rewritten, or redistributed.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.)

Comments

One Comment

Leave a Reply

Fill in your details below or click an icon to log in:

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

More From CBS Miami

Sign-Up Now For Our 2016 Knockout Pool
Have What It Takes To Win? Sign-Up Now

Listen Live