Why pricey Florida home insurance premiums may come down

ORLANDO, FL — Kirsten Roo Klaers has lived in her South Orange County home for 30 years and loves her neighbors and the surrounding community, but like so many Florida homeowners, she’s had her fair share of challenges insuring her house.

“I got this notice, what do you mean you’re canceling me? My roof is only 15 years old. I don’t understand,” she said.

Roo Klaers told WESH 2 Investigates Sheldon Dutes that she ended up paying $5,000 to have a policy until she got the roof redone.

Even after installing a new roof, Roo Klaers said her options were still pricey.

“I had a choice between $7,000 and $2,500,” she said.

Those quoted premiums, however, are not too surprising.

The Insurance Information Institute reports Florida homeowners, on average, pay $6,000 a year to insure their homes, which is about four times more than the national average.

Data from the Florida Office of Insurance Regulation (OIR) shows where you live in Florida makes a big difference.

Here’s a look at how much Central Florida homeowners are paying on average to insure their homes every year, according to OIR:

Marion – $1,894
Lake – $2,048
Flagler – $2,178
Osceola – $2,366
Volusia – $2,408
Seminole – $2,837
Orange – $2,882
Brevard – $2,966

Marion County spends the least, while homeowners in Orange and Brevard Counties pay the most.

Related: Progressive to send non-renewal notices to 115,000 Florida home insurance policyholders

“Starting to see areas of the state like Central Florida having an increase in pricing that is not so much reflective of the catastrophic risk, but reflective of the actual loss costs that have been sustained by carriers as a result of many of the roof claims and resulting litigation that came from those,” said Kyle Ulrich, president, and CEO of the Florida Association of Insurance Agents.

WESH 2 Investigates has been tracking the rising costs of Florida’s home insurance industry for almost three years now, and homeowners could start to see some relief.

“We are hopeful that hopefully moderating reinsurance costs and some data that’s starting to show that litigation is coming down that there will be more competition, more availability, and ultimately better pricing for consumers in the next 12 to 24 months,” Ulrich said.

Until the market calms down, homeowners like Roo Klaers are researching their best options and saving money in the process.

“We went through every line item on the insurance policy to make sure they were correct,” Roo Klaers said. “If you are getting a rate that doesn’t feel right you need to ask them to shop it. I could have paid $5,000 or $7,000 but I’m only paying $1,900.”

WESH 2 Investigates will continue to monitor changes in Florida’s insurance market. If you have a story you’d like our investigative team to look into, email investigates@wesh.com.