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Home insurance is most expensive in Florida, report shows

Florida, Texas and Louisiana have the most expensive home insurance in the nation, an NAIC report says

The cost of home insurance is highest in Florida, with Texas coming in at number two, a National Association of Insurance Commissioners report indicates.

The report, released this week, tracked insurance price increases between 2006 and 2007. While insurance premiums in Texas rose 3 percent during that time, the Dallas Morning News reported, Florida vaulted over the Lone Star State to become the most expensive state to insure a home.

The average home premium was $1,534 in Florida and $1,448 in Texas, the NAIC said. Both figures are well above the national average of $822.

It’s so expensive to cover homes in Florida that one major insurance company came close to withdrawing from the state. The company – Florida’s largest private home insurer – decided not to withdraw, but said earlier in December that it would drop the policies of 125,000 customers.

Florida, Texas and number-three Louisiana are threatened by hurricanes, explaining their much-higher-than-average insurance costs. Hurricanes Ike and Dolly caused billions of dollars in damage in Texas in 2008, leading some in the state to suggest that its home insurance costs may yet regain the number-one spot.

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Posted: December 30, 2009

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