South Florida is home to some of the highest property insurance rates in the state

A recent Insurance Information Institute report indicates Florida homeowners insurance rates surged by 42% in 2023 to more than $6,000 on average (the national average is approximately $1,700 a year), and it anticipates further double-digit increases in 2024.

So, where do you fit in, and what are the chances rates will dip lower this year?

What you pay for homeowners insurance depends on several factors, including: where you live; the amount of coverage you buy; your deductible; your credit and claims history; and the age of your home.

Nonetheless, averages compiled by LendingTree.com show that homeowners in Miami pay $7,889 a year, on average — over three times what Tallahassee homeowners pay which, at $2,608 a year or $217 a month, is the lowest rate among Florida's large cities.

Hialeah homeowners pay the state's highest average home insurance rates, at $9,988 a year, according to that report.

Not far behind Miami comes Miramar ($7,810), Coral Springs ($7,695), Hollywood ($7,229) and Fort Lauderdale ($7,121).

In comparison, Orlando ($4,177), Jacksonville ($3,088) and Gainesville ($2,747) lag far behind.

When it came to counties, according to the Jan. 1, 2024 Florida Office of Insurance Regulation's Property Insurance Stability Report, Miami-Dade County had an average insurance rate of $5,919 for homes and $2,870 for condos. In July 2023, Miami-Dade's average came in at $5,665 for homes and $2,633 for condo dwellers.

Monroe County led all Florida counties at $8,162 for homes and $4,073 for condos. Others that topped the charts included:

Palm Beach ($6,124 and $2,269); Broward ($5,911 and $1,847); Martin ($5,602 and $1,687); and Collier ($5,007 and $2,099).

So, where does that leave us?

Gov. Ron DeSantis proposed a temporary fix in his 2024-2025 state budget proposal, calling for a 12-month exemption on taxes, fees, and assessments for homeowners' insurance policies, of coverage up to $750,000 written between July 1, 2024 and June 30, 2025. He expects it will save taxpayers $409 million and cut the average insurance premium by up to 6%.

According to a recent report by WESH-TV in Orlando, fewer Citizens' policies (as many as 300,000 less this year) and seven new insurers entering the Florida market could make prices more competitive.

According to data from Citizens, 76,316 of its policies were taken over in January by the following companies: Edison, Florida Peninsula, Monarch, Slide, Southern Oak, TypTap and U.S. Coastal.

"The Florida property insurance market is improving," Citizens spokesman Michael Peltier told WESH.Over the past three years, Florida has passed 10 pieces of legislation trying to combat the costs, including:

* Florida SB 7052, which seeks to increase consumer protection and insurer accountability;

* Florida HB 837, which seeks to remedy the influx of lawsuits by establishing requirements for what constitutes a bad faith claim and the maximum amounts that an insurance company would be required to pay; and

* HB 799, requiring that insurance companies must take into account the impact of wind uplift prevention mitigation techniques when including discounts.

Lawmakers say that residents won't see immediate fixes, but as insurers gain more confidence in the Florida market, thanks to recent legislation, rates are expected to go down in the long term.

"I will say that there are good indicators that the reforms that we passed are beginning to work," State Sen. Nick DiCeglie, vice-chair of the Senate Banking and Insurance Committee, told WKMG News 6 in Orlando this year. "It's not going to have an immediate impact on the rates just yet."