PAYING, ON AVERAGE, MORE THAN FOUR TIMES THE NATIONAL AVERAGE, JUST TO INSURE THEIR HOMES. BUT WHERE YOU LIVE IN CENTRAL FLORIDA ALSO MAKES A DIFFERENCE. ABSOLUTELY IT DOES. WESH TWO INVESTIGATES SHELDON DUTIES, LOOKED AT THE DATA AND FOUND OUT WHY SOME OF OUR OR EXCUSE ME, OUR INLAND COUNTIES ARE PAYING MORE THAN SOME OF OUR COASTAL NEIGHBORS. TREE HERE. EVERYBODY LOVES THIS TREE. MY NEIGHBOR HAS ONE KHERSON RUE CLAIRE HAS LIVED IN HER SOUTH ORANGE COUNTY HOME FOR 30 YEARS. I LOVE THE NEIGHBORHOOD AND THE NEIGHBORS ARE REALLY GREAT. BUT LIKE SO MANY FLORIDA HOMEOWNERS, SHE’S HAD HER FAIR SHARE OF CHALLENGES INSURING HER HOME. I GOT THIS NOTICE. I’M LIKE, WHAT DO YOU MEAN YOU’RE CANCELING ME? MY ROOF IS ONLY 15 YEARS OLD. I DON’T UNDERSTAND. I ENDED UP PAYING LIKE FIVE GRAND TO HAVE A POLICY UNTIL I GOT THE ROOF REDONE. CRAZY. THIS NEW SHINGLE ROOF THAT YOU PUT ON, HOW OLD IS IT? LITERALLY MONTHS. I WANT TO SAY THREE, FOUR MONTHS. BUT KHERSON SAYS HER COVERAGE OPTIONS WERE STILL PRICEY. I HAD A CHOICE. BETWEEN 7000 AND 2500. WHAT WAS YOUR THOUGHT WHEN YOU SAW THAT PRICE QUOTE? I WAS LIKE, NO WAY. NO, I CAN’T AFFORD 7000. WE HAVE TO FIGURE THIS OUT. THE INSURANCE INFORMATION INSTITUTE REPORTS THAT FLORIDA HOMEOWNERS ON AVERAGE PAY $6,000 A YEAR TO INSURE THEIR HOMES, WHICH IS ABOUT FOUR TIMES MORE THAN THE NATIONAL AVERAGE. BUT DATA FROM THE FLORIDA OFFICE OF INSURANCE REGULATION 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. MARION COUNTY SPENDS THE LEAST ABOUT 1900, WHILE HOMEOWNERS IN ORANGE AND BREVARD COUNTIES ARE PAYING THE MOST, NEARLY 2900 IN ORANGE COUNTY, WHICH IS MORE THAN COASTAL VOLUSIA COUNTY AND ALMOST 3000 IN BREVARD. KYLE ULRICH IS THE PRESIDENT OF THE FLORIDA ASSOCIATION OF INSURANCE AGENTS. YOU ARE 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 WESH 2 INVESTIGATES HAS BEEN TRACKING THE RISING COST OF FLORIDA’S HOME INSURANCE FOR ALMOST THREE YEARS NOW. BUT HOMEOWNERS COULD FINALLY START TO SEE SOME RELIEF. WE ARE HOPEFUL THAT HOPEFULLY WITH MODERATING REINSURANCE COSTS AND SOME DATA THAT IS STARTING TO SHOW THAT LITIGATION IS COMING DOWN, THAT THERE WILL BE MORE COMPETITION, THERE WILL BE MORE AVAILABLE AND ULTIMATELY BETTER PRICING FOR CONSUMERS IN THE NEXT. 12 TO 24 MONTHS UNTIL THINGS CALM DOWN. HOMEOWNERS LIKE KHERSON ARE RESEARCHING THEIR BEST OPTIONS. WE LITERALLY WENT THROUGH EVERY LINE ITEM ON THE INSURANCE POLICY TO MAKE SURE THEY WERE CORRECT AND WHAT YOU NEEDED TO, WHAT YOU REALLY NEED TO HAVE. AND THERE IF YOU ARE NOT GETTING A RATE THAT FEELS RIGHT, YOU NEED TO ASK THEM TO SHOP. IT. BECAUSE I COULD HAVE PAID 5000 OR 7000, BUT I’M ONLY PAYING 9000 HUNDRED I
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Why pricey Florida home insurance premiums may come down
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 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.Related: Study says lowering risks is path to lower property insurance premiumsThe 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 - $1,894Lake - $2,048Flagler - $2,178Osceola - $2,366Volusia - $2,408Seminole - $2,837Orange - $2,882Brevard - $2,966Marion 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 possibly 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 literally 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.Top headlines: Police identify Cory Hill, estranged husband of missing Winter Springs mom, as person of interest in her disappearance 1-year-old found alone on Daytona Beach, shivering and unresponsive Country music festival coming to Central Florida
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 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.
Related: Study says lowering risks is path to lower property insurance premiums
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 possibly 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 literally 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.
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