\n<\/div><\/div>\n<\/div>\n<\/div>\n

By Kerry Smith<\/div><\/div>\n

An Office of Insurance Regulation report on property-market stability found the lowest single-family costs in Sumter ($1,533) and the highest in Monroe ($7,162).<\/span><\/span><\/p>\n<\/div>\n

TALLAHASSEE, Fla. \u2013 The Florida Office of Insurance Regulation issued its first Property Insurance Stability Report for 2023 last week. On a county-by-county basis, it found that Sumter County has the lowest average cost for single-family home property insurance at $1,533, while Monroe County had the highest average cost at $7,162.<\/span><\/span><\/p>\n

Property insurance: 10 highest priced Florida counties<\/span><\/span><\/h3>\n
\n
Monroe County: $7,162 (single-family homes)<\/span><\/span><\/li>\n
Miami-Dade County: $5,391<\/span><\/span><\/li>\n
Palm Beach County: $5,247<\/span><\/span><\/li>\n
Broward County: $5,164<\/span><\/span><\/li>\n
Martin County: $4,756<\/span><\/span><\/li>\n
Walton County: $4,337<\/span><\/span><\/li>\n
Franklin County: $4,267<\/span><\/span><\/li>\n
Collier County: $4,230<\/span><\/span><\/li>\n
Indian River County: $3,386<\/span><\/span><\/li>\n
Gulf County: $3,020<\/span><\/span><\/li>\n<\/ol>\n
Property insurance: 10 lowest priced Florida counties<\/span><\/span><\/h3>\n
\n
Sumter: $1,533 (single-family homes)<\/span><\/span><\/li>\n
Baker: $1,694<\/span><\/span><\/li>\n
Marion: $1,730<\/span><\/span><\/li>\n
Hernando: $1,767<\/span><\/span><\/li>\n
Lake: $1,859<\/span><\/span><\/li>\n
Wakulla: $1,870<\/span><\/span><\/li>\n
Gilchrist: $1,874<\/span><\/span><\/li>\n
Citrus: $1,876<\/span><\/span><\/li>\n
Alachua: $1,877<\/span><\/span><\/li>\n
Columbia: $1,885<\/span><\/span><\/li>\n<\/ol>\n
However, the numbers were collected before the December special session of the Florida Legislature, and new laws should slowly show improvement during 2023.<\/span><\/span><\/p>\n
The report notes one of the big historical problems in Florida: In 2021, Florida had 6.91% of all U.S. insurance claims in the U.S. \u2013 but three out of four property insurance lawsuits (76%) were in Florida. The high rate of property insurance lawsuits cost a lot of money, which insurers added to their individual property owners\u2019 coverage quotes.<\/span><\/span><\/p>\n
A number of insurance experts think December\u2019s legislative changes<\/a> \u2013 coupled with changes made earlier in 2022 \u2013 will slowly have a positive impact on the Florida insurance market and the cost to individual homeowners. Specifically, Senate Bill 2A<\/a>, passed in December and signed by Gov. Ron DeSantis, will impact two high-cost areas of concern:<\/span><\/span><\/p>\n
\n
One-way attorney fees<\/strong>: The chief driver of Florida lawsuits is a provision known as \u201cone-way\u201d attorney fees that allow a plaintiff (the policyholder) to recover attorney fees, but not the defendant (the insurer). The practice incentivized unwarranted litigation.\u00a0<\/span><\/span><\/span><\/li>\n
Assignment of Benefits (AOB)<\/strong>: Under AOB, homeowners who suffered a loss \u201cassign\u201d insurance benefits to a contractor that then deals directly with their insurance company. The contractor-insurer negotiations also led to lawsuits.<\/span><\/span><\/span><\/li>\n<\/ul>\n
Florida county \u2013 Single-family ins. average cost \u2013 Condo ins. average cost<\/span><\/span><\/h3>\n
\n
Alachua: $1,877 (single-family) \u2013 $830 (condominium)<\/span><\/span><\/li>\n
Baker: $1,694 \u2013 $745<\/span><\/span><\/li>\n
Bay: $2,737 \u2013 $1,921<\/span><\/span><\/li>\n
Bradford: $786 \u2013 $1,151<\/span><\/span><\/li>\n
Brevard: $2,760 \u2013 $1,212<\/span><\/span><\/li>\n
Broward: $5,164 \u2013 $1,548<\/span><\/span><\/li>\n
Calhoun: $2,538 \u2013 $3.171<\/span><\/span><\/li>\n
Charlotte: $2,364 \u2013 $1,081<\/span><\/span><\/li>\n
Citrus: $1,876 \u2013 $945<\/span><\/span><\/li>\n
Clay: $1,933 \u2013 $747<\/span><\/span><\/li>\n
Collier: $4,230 \u2013 $1,795<\/span><\/span><\/li>\n
Columbia: $1,885 \u2013 $933<\/span><\/span><\/li>\n
Desoto: $2,500 \u2013 $784<\/span><\/span><\/li>\n
Dixie: $2,254 \u2013 $878<\/span><\/span><\/li>\n
Duval: $2,096 \u2013 $855<\/span><\/span><\/li>\n
Escambia: $2,929 \u2013 $1,471<\/span><\/span><\/li>\n
Flagler: $2,016 \u2013 $1,1113<\/span><\/span><\/li>\n
Franklin: $4,267 \u2013 $1,246<\/span><\/span><\/li>\n
Gadsden: $2,034 \u2013 $900<\/span><\/span><\/li>\n
Gilchrist: $1,874 \u2013 $1,698<\/span><\/span><\/li>\n
Glades: $2,681 \u2013 $772<\/span><\/span><\/li>\n
Gulf: $3,020 \u2013 $1,338<\/span><\/span><\/li>\n
Hamilton: $2,023 \u2013 N\/A<\/span><\/span><\/li>\n
Hardee: $2,502 \u2013 $778<\/span><\/span><\/li>\n
Hendry: $2,483 \u2013 $1,157<\/span><\/span><\/li>\n
Hernando: $1,767 \u2013 $878<\/span><\/span><\/li>\n
Highlands: $2,037 \u2013 $840<\/span><\/span><\/li>\n
Hillsborough: $2,513 \u2013 $1,073<\/span><\/span><\/li>\n
Holmes: $2,283 \u2013 N\/A<\/span><\/span><\/li>\n
Indian River: $3,386 \u2013 $1,646<\/span><\/span><\/li>\n
Jackson: $2,192 \u2013 N\/A<\/span><\/span><\/li>\n
Jefferson: $2,160 \u2013 N\/A<\/span><\/span><\/li>\n
Lafayette: $2,304 \u2013 N\/A<\/span><\/span><\/li>\n
Lake: $1,859 \u2013 $861<\/span><\/span><\/li>\n
Lee: $2,735 \u2013 $1,125<\/span><\/span><\/li>\n
Leon: $1,973 \u2013 $716<\/span><\/span><\/li>\n
Levy: $2,118 \u2013 $1,286<\/span><\/span><\/li>\n
Liberty: $2,283 \u2013 N\/A<\/span><\/span><\/li>\n
Madison: $2,138 \u2013 N\/A<\/span><\/span><\/li>\n
Manatee: $2,334 \u2013 $1,139<\/span><\/span><\/li>\n
Marion: $1,730 \u2013 $825<\/span><\/span><\/li>\n
Martin: $4,756 \u2013 $1,408<\/span><\/span><\/li>\n
Miami-Dade: $5,391 \u2013 $2,440<\/span><\/span><\/li>\n
Monroe: $7,162 \u2013 $3,657<\/span><\/span><\/li>\n
Nassau: $2,282 \u2013 $1,156<\/span><\/span><\/li>\n
Okaloosa: $3,014 \u2013 $1,418<\/span><\/span><\/li>\n
Okeechobee: $2,797 \u2013 $1,227<\/span><\/span><\/li>\n
Orange: $2,629 \u2013 $960<\/span><\/span><\/li>\n
Osceola: $2,155 \u2013 $908<\/span><\/span><\/li>\n
Palm Beach: $5,247 \u2013 $1,923<\/span><\/span><\/li>\n
Pasco: $2,058 \u2013 $821<\/span><\/span><\/li>\n
Pinellas: $2,938 \u2013 $1,142<\/span><\/span><\/li>\n
Polk: $2,090 \u2013 $898<\/span><\/span><\/li>\n
Putnam: $1,910 \u2013 $844<\/span><\/span><\/li>\n
Santa Rosa: $2,745 \u2013 $1,477<\/span><\/span><\/li>\n
Sarasota: $2,686 \u2013 $1,461<\/span><\/span><\/li>\n
Seminole: $2,608 \u2013 $916<\/span><\/span><\/li>\n
St. Johns: $2,296 \u2013 $1,121<\/span><\/span><\/li>\n
St. Lucie: $2,713 \u2013 $1,291<\/span><\/span><\/li>\n
Sumter: $1,533 \u2013 $833<\/span><\/span><\/li>\n
Suwannee: $2,094 \u2013 N\/A<\/span><\/span><\/li>\n
Taylor: $2,119 \u2013 $1,014<\/span><\/span><\/li>\n
Union: $1,976 \u2013 N\/A<\/span><\/span><\/li>\n
Volusia: $2,192 \u2013 $987<\/span><\/span><\/li>\n
Wakulla: $1,870 \u2013 $1,369<\/span><\/span><\/li>\n
Walton: $4,337 \u2013 $1,619<\/span><\/span><\/li>\n
Washington: $2,312 \u2013 N\/A<\/span><\/span><\/li>\n<\/ul>\n
\u00a9 2023 Florida Realtors\u00ae<\/span><\/span><\/p>\n<\/div><\/div>\n
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\nAuthor: kerrys<\/p>\n","protected":false},"excerpt":{"rendered":"
By Kerry Smith An Office of Insurance Regulation report on property-market stability found the lowest single-family costs in Sumter ($1,533) and the highest in Monroe ($7,162). TALLAHASSEE, Fla. \u2013 The Florida Office of Insurance Regulation issued its first Property Insurance Stability Report for 2023 last week. On a county-by-county basis, it found that Sumter County has the lowest average cost for single-family home property insurance at $1,533, while Monroe County had the highest average cost at $7,162. Property insurance: 10 highest priced Florida counties Monroe County: $7,162 (single-family homes) Miami-Dade County: $5,391 Palm Beach County: $5,247 Broward County: $5,164 Martin County: $4,756 Walton County: $4,337 Franklin County: $4,267 Collier County: $4,230 Indian River County: $3,386 Gulf County: $3,020 Property insurance: 10 lowest priced Florida counties Sumter: $1,533 (single-family homes) Baker: $1,694 Marion: $1,730 Hernando: $1,767 Lake: $1,859 Wakulla: $1,870 Gilchrist: $1,874 Citrus: $1,876 Alachua: $1,877 Columbia: $1,885 However, the numbers were collected before the December special session of the Florida Legislature, and new laws should slowly show improvement during 2023. The report notes one of the big historical problems in Florida: In 2021, Florida had 6.91% of all U.S. insurance claims in the U.S. \u2013 but three out of four property insurance lawsuits (76%) were in Florida. The high rate of property insurance lawsuits cost a lot of money, which insurers added to their individual property owners\u2019 coverage quotes. A number of insurance experts think December\u2019s legislative changes \u2013 coupled with changes made earlier in 2022 \u2013 will slowly have a positive impact on the Florida insurance market and the cost to individual homeowners. Specifically, Senate Bill 2A, passed in December and signed by Gov. Ron DeSantis, will impact two high-cost areas of concern: One-way attorney fees: The chief driver of Florida lawsuits is a provision known as \u201cone-way\u201d attorney fees that allow a plaintiff (the policyholder) to recover attorney fees, but not the defendant (the insurer). The practice incentivized unwarranted litigation.\u00a0 Assignment of Benefits (AOB): Under AOB, homeowners who suffered a loss \u201cassign\u201d insurance benefits to a contractor that then deals directly with their insurance company. The contractor-insurer negotiations also led to lawsuits. Florida county \u2013 Single-family ins. average cost \u2013 Condo ins. average cost Alachua: $1,877 (single-family) \u2013 $830 (condominium) Baker: $1,694 \u2013 $745 Bay: $2,737 \u2013 $1,921 Bradford: $786 \u2013 $1,151 Brevard: $2,760 \u2013 $1,212 Broward: $5,164 \u2013 $1,548 Calhoun: $2,538 \u2013 $3.171 Charlotte: $2,364 \u2013 $1,081 Citrus: $1,876 \u2013 $945 Clay: $1,933 \u2013 $747 Collier: $4,230 \u2013 $1,795 Columbia: $1,885 \u2013 $933 Desoto: $2,500 \u2013 $784 Dixie: $2,254 \u2013 $878 Duval: $2,096 \u2013 $855 Escambia: $2,929 \u2013 $1,471 Flagler: $2,016 \u2013 $1,1113 Franklin: $4,267 \u2013 $1,246 Gadsden: $2,034 \u2013 $900 Gilchrist: $1,874 \u2013 $1,698 Glades: $2,681 \u2013 $772 Gulf: $3,020 \u2013 $1,338 Hamilton: $2,023 \u2013 N\/A Hardee: $2,502 \u2013 $778 Hendry: $2,483 \u2013 $1,157 Hernando: $1,767 \u2013 $878 Highlands: $2,037 \u2013 $840 Hillsborough: $2,513 \u2013 $1,073 Holmes: $2,283 \u2013 N\/A Indian River: $3,386 \u2013 $1,646 Jackson: $2,192 \u2013 N\/A Jefferson: $2,160 \u2013 N\/A Lafayette: $2,304 \u2013 N\/A Lake: $1,859 \u2013 $861 Lee: $2,735 \u2013 $1,125 Leon: $1,973 \u2013 $716 Levy: $2,118 \u2013 $1,286 Liberty: $2,283 \u2013 N\/A Madison: $2,138 \u2013 N\/A Manatee: $2,334 \u2013 $1,139 Marion: $1,730 \u2013 $825 Martin: $4,756 \u2013 $1,408 Miami-Dade: $5,391 \u2013 $2,440 Monroe: $7,162 \u2013 $3,657 Nassau: $2,282 \u2013 $1,156 Okaloosa: $3,014 \u2013 $1,418 Okeechobee: $2,797 \u2013 $1,227 Orange: $2,629 \u2013 $960 Osceola: $2,155 \u2013 $908 Palm Beach: $5,247 \u2013 $1,923 Pasco: $2,058 \u2013 $821 Pinellas: $2,938 \u2013 $1,142 Polk: $2,090 \u2013 $898 Putnam: $1,910 \u2013 $844 Santa Rosa: $2,745 \u2013 $1,477 Sarasota: $2,686 \u2013 $1,461 Seminole: $2,608 \u2013 $916 St. Johns: $2,296 \u2013 $1,121 St. Lucie: $2,713 \u2013 $1,291 Sumter: $1,533 \u2013 $833 Suwannee: $2,094 \u2013 N\/A Taylor: $2,119 \u2013 $1,014 Union: $1,976 \u2013 N\/A Volusia: $2,192 \u2013 $987 Wakulla: $1,870 \u2013 $1,369 Walton: $4,337 \u2013 $1,619 Washington: $2,312 \u2013 N\/A \u00a9 2023 Florida Realtors\u00ae \u2715 ADVERTISEMENT Go to Source Author: kerrys<\/p>\n","protected":false},"author":4,"featured_media":7501,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"_links":{"self":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/7500"}],"collection":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/comments?post=7500"}],"version-history":[{"count":0,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/posts\/7500\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media\/7501"}],"wp:attachment":[{"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/media?parent=7500"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/categories?post=7500"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nwfl4sale.com\/wp-json\/wp\/v2\/tags?post=7500"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}