Priced Out of Paradise: Here's why home insurance costs continue to rise in Florida

Originally published by WPTV | Read Full Article

By Mike Trim


'We will continue to see rising insurance costs for at least the next year or 2,' expert says


ROYAL PALM BEACH, Fla. — Florida homeowners are still getting sticker shock from their property insurance premiums in 2022.


The average yearly cost to keep a property insurance policy in this state is nearly double what it is in the rest of the country.


Lori Lanni of Royal Palm Beach is experiencing this troubling trend right now, watching her premium jump from $1,700 a year to $3,400.


"They're passing it on to the customer. You know, we've never made a claim," Lanni said. "We've never done anything to deserve what's happening, so we're kind of upset about that."


She is spending hours each week trying to find a lower price by calling insurance companies.


"I haven't called all of them, but I've probably called at least half," said Lanni.


She is not alone.


The Insurance Information Institute reports statewide premiums are up nearly 25 percent this year.


The reason?


Experts say there is a myriad of issues.

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