Insurance Companies Still Offering Coverage for Florida Property Owners

Jul 24, 2017

According to reporting by the St. Augustine Record, despite nearly $1.18 billion in damage caused by Hurricane Matthew last year, insurance companies are sticking with Florida clients. As such, obtaining insurance for most Floridian property owners is not as difficult as it was feared to be 10 years ago when some of the nation's biggest companies pulled out of the Florida property insurance market entirely.

However, the lack of national competitors in the marketplace does impact competitive pricing for consumers.  The average property insurance policy runs over $500 more than the national average.

Laura Adams, senior insurance analyst at InsuranceQuotes.com, said that’s the result of several factors.

“When you have fewer and fewer companies doing business in the state, there’s not so much competition,” Adams said. “The fewer number of insurers, just the less competition, the higher rates they can get away with charging. “It’s been really tough for Florida residents to get affordable coverage. The reality is the only thing consumers can do to protect themselves is shop. If you are not shopping, not looking at what’s happening with rates, you could easily be overpaying for your coverage.”

The full article by Stuart Korfhage is linked here.