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FLORIDA - According to a new analysis by Bankrate.com, Florida homeowners continue to grapple with soaring insurance premiums as the state ranks as the second most expensive in the country for home insurance.
The average annual premium in Florida for a $300,000 home is now $5,409, over double the national average of $2,329.
Only Nebraska, with an average of $6,097 per year, is higher. Florida’s steep rates are largely tied to its risk exposure, litigation costs, and recent volatility in the insurance market.
However, experts say there’s reason to be cautiously optimistic.
Mark Friedlander of the Insurance Information Institute noted that although some areas still face limited coverage options and above-average rates, legislative changes and new market entrants are helping stabilize the industry.
“There are still regions where premiums remain elevated, but overall, the market is becoming more competitive,” Friedlander said.
“If your renewal notice shows a rate increase, talk to your agent and explore other options. You may be able to find a more affordable policy.”
Homeowners willing to relocate may find relief in states with lower premiums.
Bankrate’s research shows Vermont, Alaska, and Delaware offer the most affordable average rates in the nation.
Despite recent improvements, Florida remains one of the most challenging states for homeowners insurance.
The continued rise in premiums has made cost comparison and proactive shopping increasingly important for residents looking to manage expenses and secure reliable coverage.