Why the Cost of Homeowners Insurance in Florida Is Rising in 2021

There is no denying that the cost of living is high and continues to increase rapidly. If you live in Florida, you know that the cost of living is amongst the most expensive in our state. If you're a homeowner in Florida, because of our location in sunny, yet hurricane prone Florida we pay for this luxury in our higher premiums for homeowners insurance. 

The cost of homeowners insurance in Florida is higher than most states and, unfortunately, the cost will continue to rise in 2021. You must know the factors that are causing the cost of homeowners insurance to go up in 2021. 

The High Cost of Homeowners Insurance in Florida

If you have homeowners insurance, you face having to pay for a higher premium, as the cost of it in Florida will go up in 2021. Per the latest figures, the average annual home insurance premium in Florida is currently $1,951, statistically that average is throughout the state, south Florida is much more and get ready to see a large increase this coming year. 

Data shows that the cost of homeowners insurance has increased over the past two years. It's safe to say that it will go up this year. One of the reasons why the cost will go up is because of the record-breaking hurricane season in 2020. 

In 2020, Florida saw a record number of hurricanes. When more hurricanes affect the state, the number of claims for damages goes up. 

Flooding was another issue in 2020. Throughout certain parts of the state, flooding occurred. Many homeowners made claims for the damages that occurred because of the flooding. 

Consecutive years of Hurricanes  season leads many insurers to raise their homeowners insurance prices. The price for homeowners insurance may go up as insurers seek to make up for their losses they incurred after Hurricanes Michael, Matthew and Irma. 

Another factor that leads insurers to raise their premiums is a policyholder's history of losses in claim amounts paid. The more losses or claims a policyholder has, the greater the likelihood the homeowner will have to pay more for coverage in 2021.

Denial of Claims

The factors that affect this increase that can lead to the denial of claims as insurers want to reduce the amount they pay for damages. If you have to pay more for homeowners insurance coverage in 2021 and your home suffers damage, make sure your claim gets approved.

If you find yourself in a situation where your claim was not approved, consider hiring a property damage lawyer. 

A property damage lawyer will protect your rights. This type of lawyer will have the experience and knowledge to handle your claim and find a resolution. If you are going to pay a higher cost for your homeowners insurance, you need adequate coverage and if you have a claim we can help you determine when and how to file the claim properly for a positive outcome. 

Protecting Your Rights

Homeowners insurance premiums will continue to go up in 2021. If you have a homeowners insurance policy, you want to know that you are paying for adequate coverage. 

Unfortunately, if you make a claim to your homeowners insurer, chances are, it may be delayed, denied, or underpaid. To ensure you receive the money you deserve, consider hiring a property damage lawyer who will fight the insurer on your behalf. 

If you have any questions about this type of service or want to hire a property damage lawyer, please contact us now.