Florida homeowners face soaring property insurance rates

FORT LAUDERDALE, Fla. – Florida is the most expensive state for home insurance. And while property insurers are trying to find ways to limit litigation, claims, and fraud, the rising costs are hurting homeowners.

John Phillip said he’s received roughly the same premium over the past eight years. In December, his insurance company was unable to renew his insurance at the same rate. His home insurance rate doubled.

“You couldn’t keep up with it because of the circumstances and the times, everything is increasing,” said Phillip.

The property insurance market is in turmoil as homeowners struggle with financial problems during the coronavirus pandemic.

Hurricane Irma also came with fraud. Mark Youngelson, an insurance broker, said both weather-related and weather-related claims have been growing at a “shocking” rate.

According to an analysis by the National Association of Insurance Commissioners, more than 76% of all legal disputes against insurers in the US took place in Florida in 2019.

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“There have been a huge number of insurance claims in the past five to ten years,” said Youngelson of Insurance Express.

Youngelson said homeowners need to find agents who have multiple markets and keep in touch with their insurance agent.

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