![]() Sudden and accidental damage from artificially generated electrical current.Sudden and accidental tearing apart, cracking, burning or bulging.Accidental discharge or overflow of water or steam.It also covers your personal property if items are damaged as a result of specific “perils,” which include: What does home insurance in Florida cover?Ī standard homeowners insurance policy covers your house structure for any problem except those listed as exclusions in the policy, such as natural wear and tear or neglect. Special sessions held by the Florida legislature resulted in measures that aim to reduce fraudulent claims and losses while incentivizing insurers to start writing policies again.Ĭompetition should eventually bring down rates, said Nyce, though it may take anywhere from 12 to 18 months for homeowners to begin feeling substantial impacts. Charles Nyce, department chair and associate professor of risk management and insurance at Florida State University’s College of Business. The good news is that the tide is poised to turn, said Dr. The combination of these factors has made the Florida market difficult for homeowners to find home insurance, in terms of both options and cost, said Friedlander. Hurricanes have added fuel to the fire, with estimated insured losses from Hurricane Ian totaling $60 billion. Six Florida residential insurers were declared insolvent in 2022 due to excessive litigation and 24 other companies are on the state’s watch list because of concerns over their financial stability. That, said Friedlander, has led more than a dozen insurers to stop writing new policies in Florida. That provision has created an environment that encourages the filing of lawsuits for inflated claims. The law further requires insurers to pay claims and legal costs should the contractor’s attorney win their suit for $1 more than the insurer offered. Why is home insurance in Florida so expensive?Īlong with the increased number of hurricanes and inflation of construction and labor costs, lawsuit abuse and assignment of benefits have spurred a man-made crisis, said Friedlander of Triple-I.įlorida’s Assignment of Benefits (AOB) law allows homeowners to turn claims over to a contractor, who can then file suit without talking to the insurer. Compare rates offered by participating partners ![]()
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