Despite being currently amongst the highest in the nation, Florida’s increasing property insurance rates are predicted to continue climbing, based on a new analysis.
As per data from the Insurance Information Institute, citizens of the Sunshine State already pay over $4,200 annually on home insurance, which is triple the national average of $1,700.
Severe weather events, such as hurricanes, that are becoming more frequent in Florida and are anticipated to grow worse with climate change, are going to keep pushing up the price of reinsurance in the state, according to research by Karen Clark & Co. (KCC), a Boston-based risk assessment and management organization.
This will also occur because building expenses, which are considered into account when estimating how costly it is going to be to restore a home after it has been damaged, have increased by an incredible 40% since 2017.