"You're always prone to catastrophes in Florida, and without property insurance, you are very vulnerable," said Mark Friedlander, Director of Corporate Communications at the Insurance Information Institute. (Credit: Leszek Glasner/Adobe Stock)
Homeowners insurance rates have risen across the U.S., and hard markets such as Florida, California, and Texas have been hit the hardest. The average annual premium for Florida homeowners is $6,000, compared to the national average of $1,700, notes Mark Friedlander, Director of Corporate Communications at the Insurance Information Institute (Triple-I). This steep hike has caused 15-20% of Floridians to resort to self-insurance.
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