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Most Fla. property owners will likely pay more when their policies renew, as insurers pass along increasing costs of coverage they need to pay claims after a disaster.

FORT LAUDERDALE, Fla. – Florida homeowners, already paying nearly the highest home insurance rates in the nation, should get ready for more sticker shock if and when their policies next renew.

Premiums for most Florida property owners are poised to jump again – sharply – as insurers pass along skyrocketing costs of coverage they need to pay claims after a catastrophic hurricane or other weather event.

That coverage is called reinsurance. It’s insurance that insurers must buy to prevent them from going broke – and to make sure you get paid – after a disaster.

By the June 1 start of every year’s hurricane season, insurers negotiate new reinsurance contracts for the upcoming year. Global capital firms provide the coverage, financed by investors who hope their outlay brings them a higher percentage of profit than if they had left the money in stocks, bonds or other investments.

This year, reinsurance prices increased 20% to 30% in Florida, and averaged 26.1% for companies that cover the most vulnerable catastrophe zones in the U.S., according to a report from artemis.bm, a reinsurance-focused news website.

The increases are the steepest in Florida in more than a decade and are similar to increases that drove up rates for policyholders after the 2005 hurricane season, the report stated, adding that companies hit hardest by claims and lawsuits in recent years faced increases of more than 45%.

Big hikes coming for policyholders

Industry experts say the increases soon will trickle down to Florida property owners who already pay $3,643 on average a year to insure their homes. That’s nearly $1,338 more than the national average

Please enjoy the full article below;

https://www.floridarealtors.org/news-media/news-articles/2020/06/insurance-firms-ready-charge-more-money-storm-season