Why Are Florida Insurance Premiums Going Up if Rates Are Going Down?
USA TODAY Network reporter Clayton Park recently tackled a question many Florida homeowners continue to ask: why insurance premiums may increase even when reported rates begin to decline.
The article explains that a homeowner’s premium is influenced by factors beyond rates, including the home’s location, age, construction features, and the rising cost of rebuilding due to higher labor and material prices. It also explores how reinsurance — essentially insurance for insurance companies — plays a significant role in Florida’s property insurance market and affects overall policy costs.
Security First Insurance President Melissa Burt De Vriese contributed expert insight, noting that insurers evaluate risk on an individual home basis rather than spreading coastal risk across inland properties. She also highlighted how increased replacement costs can drive higher premiums, even when the underlying rate per thousand dollars of coverage declines.
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The Gainesville Sun: Why are Florida insurance premiums going up if rates are going down?
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