Florida’s insurance crisis: Premiums up 43% since 2018, Miami-Dade ranks second highest - Insurance News | InsuranceNewsNet

InsuranceNewsNet — Your Industry. One Source.™

Sign in
  • Subscribe
  • About
  • Advertise
  • Contact
Home Now reading Newswires
Topics
    • Advisor News
    • Annuity Index
    • Annuity News
    • Companies
    • Earnings
    • Fiduciary
    • From the Field: Expert Insights
    • Health/Employee Benefits
    • Insurance & Financial Fraud
    • INN Magazine
    • Insiders Only
    • Life Insurance News
    • Newswires
    • Property and Casualty
    • Regulation News
    • Sponsored Articles
    • Washington Wire
    • Videos
    • ———
    • About
    • Meet our Editorial Staff
    • Advertise
    • Contact
    • Newsletters
  • Exclusives
  • NewsWires
  • Magazine
  • Newsletters
Sign in or register to be an INNsider.
  • AdvisorNews
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Exclusives
  • INN Magazine
  • Insurtech
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Video
  • Washington Wire
  • Life Insurance
  • Annuities
  • Advisor
  • Health/Benefits
  • Property & Casualty
  • Insurtech
  • About
  • Advertise
  • Contact
  • Editorial Staff

Get Social

  • Facebook
  • X
  • LinkedIn
Newswires
Newswires RSS Get our newsletter
Order Prints
August 29, 2025 Newswires
Share
Share
Post
Email

Florida’s insurance crisis: Premiums up 43% since 2018, Miami-Dade ranks second highest

Hillard Grossman / Special to Islander NewsThe Islander News

Like the rising price of gas and groceries, it probably doesn't come as too much of a surprise to learn that Florida has the highest average annual homeowner insurance premium in the United States.

The recently released research by Las Vegas-based personal injury law firm H&P Law analyzed annual homeowner insurance premium data across all 50 states between 2017 and 2021 from the Insurance Information Institute.

The average homeowner insurance premium measured represents the total annual cost in dollars for standard coverage.

Florida leads the nation with an average annual homeowner insurance premium of $2,100, which is 73% higher than the national average of $1,213. From 2017 to 2021, the Sunshine State recorded the highest average premium at $2,437 in 2021, while 2017 saw its lowest at $1,951.

"This elevated premium is often influenced by risk factors, including severe weather events, natural disasters, property values, and state insurance regulations," a company spokesperson said. "When insurance costs rise, homeowners face increased financial burdens on top of their mortgage payments.

"To reduce insurance costs, homeowners can consider bundling policies, improving home security, raising deductibles, and shopping around for competitive rates."

In the past couple of years, Florida Gov. Ron DeSantis helped lead the way in passing insurance market reforms and enhancing consumer protection to keep those rates at bay and, in some cases, even at lower costs.

Louisiana, Texas, Oklahoma and Texas rounded out the top five stats with the highest homeowner insurance.

Other, more current, studies that take into consideration such extras as windstorm protection, inflation, and higher replacement values, also have Florida ranked among the top states for highest insurance, but at a much more cost.

For example, a May 2025 Bankrate.com study shows Florida ranked No. 2 behind Texas, with an average annual premium of around $5,409 for a $300,000 home.

A story in September 2024 by Yahoo! Finance, using a Realtor.Com study, showed Florida led the nation a year ago with homeowners paying $4,000 or more annually, on average. In fact, 20% of all homeowners were paying $4,000 or more in 2023.

Even more concerning for property owners, rates increased a startling 43.2% in Florida between 2018 and 2023, according to S&P Global data.

And, if you're wondering which Florida counties have the highest insurance rates, you need not look far.

According to the Florida Office of Insurance Regulation, 2023 numbers showed Monroe County (Including the Keys) led the way with an average of $7,162, while Miami-Dade was second at $5,391 for single-family homes.

Condo owners in Miami-Dade fared better with an average annual policy rate of $2,440.

Older

BANKING COMMITTEE DEMOCRATS CALL ON CHAIRMAN SCOTT TO POSTPONE HEARING FOR TRUMP FED NOMINEE STEPHEN MIRAN

Newer

Investigator drops the veil on how addiction fraud cases are probed

Advisor News

  • SEC moves to simplify electronic delivery of investor communications
  • Nearly half of nonretirees doubt they will fully retire
  • How much could failure to fund Social Security cost average Americans?
  • How can more Americans achieve financial independence?
  • Savers vs. spenders: How money management attitudes impact financial confidence
More Advisor News

Annuity News

  • Corebridge Financial enhances The Power Series of Index Annuities
  • LIMRA predicts strong life and annuity sales for the rest of 2026
  • Jackson CEO Laura Prieskorn to retire at the end of 2026
  • Has your annuity been reinsured in the Cayman Islands? Here’s why it matters
  • DOL slams pension risk transfer lawsuit as ‘opportunistic’ litigation
More Annuity News

Health/Employee Benefits News

  • New dashboard tracks Kansas Affordable Care Act enrollment by legislative district, county
  • ICYMI – CANDIDATE COOPER NOW TRYING TO BLAME HIS HEALTH INSURANCE PALS FOR GOVERNOR COOPER'S 57% INCREASE IN HEALTHCARE COSTS IN NC
  • Business People: Edric Funk to take over as Toro Co. CEO
  • Insurers propose premium increases for ACA customers in Iowa
  • How Does New CareScout Long-Term Care Insurance Policy Compare In Cost
More Health/Employee Benefits News

Life Insurance News

  • LIMRA predicts strong life and annuity sales for the rest of 2026
  • Best’s Market Segment Report: AM Best Maintains Stable Outlook on Vietnam’s Non-Life Insurance Segment
  • AM Best Comments on Credit Ratings of Horace Mann Educators Corporation and Its Subsidiaries Following Announced Transaction with Medical Mutual of Ohio
  • AM Best Affirms Credit Ratings of Hanwha General Insurance Company Limited
  • Globe Life boosts Q2 earnings, eyes AI shift for long-term growth
More Life Insurance News

NEWS INSIDE

  • Companies
  • Earnings
  • Economic News
  • INN Magazine
  • Insurtech News
  • Newswires Feed
  • Regulation News
  • Washington Wire
  • Videos

FEATURED OFFERS

Press Releases

  • Agent Review Launches Video AI Identity Verification to Help Protect Insurance Professionals, Consumers and Public Trust
  • Prosperity Life GroupSM Launches Prosperity PathWaySM Series, Bringing Greater Choice and Flexibility to Retirement Income Planning
  • Senior Market Sales® Fortifies Annuity Reach With Acquisition of Retirement Planning Firm Stratton & Company
  • RFP #T01625
More Press Releases > Add Your Press Release >

How to Write For InsuranceNewsNet

Find out how you can submit content for publishing on our website.
View Guidelines

Topics

  • Advisor News
  • Annuity Index
  • Annuity News
  • Companies
  • Earnings
  • Fiduciary
  • From the Field: Expert Insights
  • Health/Employee Benefits
  • Insurance & Financial Fraud
  • INN Magazine
  • Insiders Only
  • Life Insurance News
  • Newswires
  • Property and Casualty
  • Regulation News
  • Sponsored Articles
  • Washington Wire
  • Videos
  • ———
  • About
  • Meet our Editorial Staff
  • Advertise
  • Contact
  • Newsletters

Top Sections

  • AdvisorNews
  • Annuity News
  • Health/Employee Benefits News
  • InsuranceNewsNet Magazine
  • Life Insurance News
  • Property and Casualty News
  • Washington Wire

Our Company

  • About
  • Advertise
  • Contact
  • Meet our Editorial Staff
  • Magazine Subscription
  • Write for INN

Sign up for our FREE e-Newsletter!

Get breaking news, exclusive stories, and money- making insights straight into your inbox.

select Newsletter Options
Facebook Linkedin Twitter
© 2026 InsuranceNewsNet.com, Inc. All rights reserved.
  • Terms & Conditions
  • Privacy Policy
  • InsuranceNewsNet Magazine

Sign in with your Insider Pro Account

Not registered? Become an Insider Pro.
Insurance News | InsuranceNewsNet