"Florida represents an outsize amount of risk compared to other areas of the world," Kyle Ulrich, president and CEO of the Florida Association of Insurance Agents, told BI. "And we pay commensurately for it."
The compounding financial crises of Hurricane Helene and Hurricane Milton could also point to looming hikes in insurance rates nationwide, the home insurance experts said.
Between 2021 and 2023, overall home insurance costs rose nearly 20%, the report found.
That number is even higher in regions more at risk of environmental disasters. California has seen several top home insurance agencies pull out or limit their business in the state amid a growing risk of destructive wildfires.
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