FLORIDA has highest insurance rates in nation

The report breaks out homeowners insurance by various types of policies, but found the average premium of $1,933 for the main kind of multi-peril homeowner policy that is the most commonly purchased in Florida. That same report found that the average premium for insurance purchased by condominium owners in Florida was $804 – or nearly twice the national average.

The report also lists the 10 costliest catastrophes in U.S. history, which include five hurricanes that struck Florida – Andrew, Charley, Wilma, Ivan and Hurricane Katrina.

Katrina hit Florida before it slammed into Louisiana and Mississippi and was the most expensive catastrophe.

Some in the industry have contended that there are legitimate reasons for the current rates in Florida.

Joseph Petrelli, president of the ratings agency Demotech, wrote Atwater last month and said some insurers have purchased more reinsurance protection as the cost has gone down. He also said that overall repair costs continue to mount.

“Upward pressure on premiums from the underlying costs of repairs and the ongoing annual purchase of a substantive, conservative reinsurance program does not lend itself to across the board rate decreases,” Petrelli wrote.

Sean Shaw, the former insurance consumer advocate for the state who is now running for the Legislature, said it was time for “politicians in Tallahassee” to “get this under control.”

“Insurance companies haven’t let the lack of major hurricanes hitting Florida get in the way of jacking up rates on policyholders,” said Shaw, an attorney and founder of Policyholders for Florida. “Move to Florida for no income taxes, leave because you can’t afford property insurance, isn’t the way to have a stable, healthy economy.”