With extreme weather events ramping up, home insurance premiums in the U.S. have risen sharply in recent years. According to the ResiClub blog, home insurance costs nationwide increased 33% from 2020 to 2023. While growing disaster risks have contributed to this trend, higher housing and construction costs are also a major factor. These costs, which surged during and after the pandemic, have driven up repair and replacement expenses, prompting insurers to raise premiums.
Florida has experienced some of the greatest home insurance price increases. Among the top 15 counties that experienced the highest rate of home insurance price growth from 2020 to 2023, nine were in Florida. These include Flagler County, Fla., which saw premiums increase by 79.7%; Martin County, Fla., which experienced a 77.9% jump; and Santa Rosa County, Fla., which saw those costs grow by 76.7%.
Florida, in particular, has experienced some of the largest increases in home insurance premiums and home prices over the past three years. The Pandemic Housing Boom was especially intense in Florida, as remote work enabled an influx of buyers from the North. Read more