The average price of homeowners' insurance premiums has more than doubled since Florida Gov. DeSantis took office in 2019, according to industry estimates.
put Florida at the top of the list for the most expensive home insurance in the country. Insurance comparison shopping website Insurify found that Florida residents on average pay an annual premium of $7,788. The next state, Oklahoma, pays an average premium of $6,853. Nationwide, the average cost of homeowners insurance is expected to increase in 2023 from $1,636 to $1,784, Insurify found.
"Florida has encountered a property insurance crisis for many years due primarily to two man-made factors: legal system abuse and claim fraud. It is not because of hurricane losses," Mark Friedlander, a spokesperson for the industry association Insurance Information Institute, wrote in an email to ABC News.
While scientists say it is still difficult to determine exactly how climate change is affecting hurricanes, they believe that severe hurricanes have become more common in recent decades, and that climate change is making precipitation from those hurricanes more intense, according to the latest authoritative. The economic cost from those storms is also growing in Florida, as it continues to build properties in vulnerable coastal areas.
"Knock on wood, we won't have a big storm this summer. Then I think you're going to start to see companies see an advantage,"earlier this month. "Because we did those reforms, it now is more economical for companies to come in. I think they're going to wait through this hurricane season and then I think they're going to be willing to deploy more capital to Florida.
"I don't know that your average earner is going to find any coverage," Kolin said. "I don't understand why people aren't in the streets at this point, because it's just untenable." For comparison, Hurricane Ian, which was one of the costliest natural disasters to date when it occurred in September 2022, cost private insurers roughly $60 billion.Has DeSantis done enough?
"Typically, a state's home insurance market is composed of 80% of national and super-regional carriers. Small, regional companies do not have the capital position of larger insurers and are unable to absorb the high costs of legal system abuse and claim fraud," Friedlander wrote.
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