Redfin Survey

70% of Florida Homeowners Have Seen Rise in Insurance Costs or Changes in Coverage - Seite 2

Roughly one in eight Florida respondents (12%) and one in nine California respondents (10.7%) said their insurance company stopped offering coverage for their home, compared with 8.3% of respondents overall.

Other homeowners are worried they will be dropped by their insurer in the future: Over one-quarter (27.7%) of respondents in Florida said they are or have been concerned their insurer may stop offering coverage for their home, compared with 13.5% of respondents in California and 8.9% of respondents as a whole.

Most respondents have seen a rise in insurance costs: Overall, nearly three-quarters (71.7%) said their policy premium increased, with a slightly higher share in Florida (76%) and a slightly lower share in California (62.9%).

The average annual U.S. home insurance rate is expected to rise 6% this year to $2,522 after surging 19.8% between 2021 and 2023, according to Insurify. In Florida, the average annual rate is $10,996—higher than any other state.

1 in 3 Homeowners Who Lost Insurance Coverage Has Moved or Plans To Move

Roughly 100 homeowners who participated in the survey indicated that their insurance company stopped offering coverage for their home. One-third (33.2%) of those respondents moved or plans to move to a new area where coverage is available. But nearly the same share (30%) are staying in their home with little or no coverage.

Almost half (46%) of respondents who lost insurance coverage said they’ve found a new insurer to cover their home. A similar share (44.5%) said they pay a significantly higher premium for coverage than before.

Oftentimes when homeowners lose insurance coverage through a private insurer, they’re forced to buy into a more expensive state-created plan—such as California’s FAIR Plan or Florida’s Citizens Property Insurance Corp. But in many cases, it’s unclear whether those programs have enough money to cover losses; a Bloomberg analysis found that 36 states have residual insurance plans, but 21 of those don’t explicitly spell out how they’d pay deficits that exceed their assets.

Only One-Third of Homeowners Know Which Natural Disasters Their Insurance Covers

Roughly one-third of U.S. homeowners (34%) know which natural disasters their insurance for their home covers. An even smaller share—27.2%—know which natural disasters their insurance covers and how much damage is covered under their policy.

With climate disasters on the rise, homeowners should revisit their existing insurance policies so they know exactly what and how much is covered, Fairweather said. In some cases, they may want to purchase an additional policy covering a specific disaster, like fire or flood.