Sep 25, 2024 - News
Florida homeowners' insurance burden, charted
Add Axios as your preferred source to
see more of our stories on Google.
About 36% of Florida homeowners with a mortgage were paying at least $3,000 a year for home insurance as of 2023, according to new census data.
- That's more than double the national average, where around 13% of U.S. homeowners are shelling out that kind of cash.
Why it matters: Home insurance costs are up considerably over the last few years — even to the point of quietly driving up inflation.
The big picture: Only 31% of Florida homeowners are paying less than $1,500 a year for their coverage, per the 2023 American Community Survey.
- Coverage in the state is getting especially costly due to the threat of climate-related disasters like hurricanes, as well as legal issues.
What's next: A pair of South Florida politicians recently introduced a plan to reduce the cost of homeowner's insurance in part through federal support, but the idea hasn't yet gained traction.