Property insurance rates in the Sunshine State have tripled since 2020.
“I’ve done this for 32 years, and I’ve never seen rates rise the way it’s happening today. If you’re getting a rate increase under 20 percent, it’s almost a gift,” Cindy Zobian, managing director at insurance broker Alliant Private Client, told Bloomberg. Zobian noted that increases of 800 percent are closer to the new standard.
While not all Floridians are paying the same sky-high rate, the numbers are still way above the norm. The average premium for property insurance in Florida clocks in at $6,000 per year. For context, that’s a 42 percent uptick just this year, and more than three times the average rate nationally. While hurricanes and flooding are the main factors at play here, inflation is also causing rates to spike.
To put things into perspective, insurance rates across Florida have tripled over the past three years. The owner of a $50 million residence on Star Island was recently shopping around for a new carrier, and to his surprise, he was hit with an eye-watering $622,000-per-year quote. In another example, Chris Rim, a resident of one of Miami Beach’s low-lying man-made islands, got a $98,000 bill.
“Florida was the beginning,” Oscar Seikaly, chief executive officer at NSI Insurance, told the outlet. “But now, between the fires and the floods and everything else that’s happening, it’s trickling to other areas.”
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