WEST PALM BEACH, Fla. — WPTV is tracking new numbers released in May related to the cost of homeowners' insurance in Florida.
A study from Bankrate.com found that the Sunshine State remains among the most costly for residents insuring their homes.
WATCH BELOW: Florida home insurance costs still among the most expensive in US, study says
Their data showed that Florida ranked second highest in the country with an average premium of $5,409 for a $300,000 home. The study said that figure is about 132% more than the national average premium of $2,329 per year for the same amount of coverage.
The Bankrate.com study also found that the average cost to insure a home in West Palm Beach is $8,397 a year.
Only Nebraska residents are paying a higher annual premium of $6,097.
"Certainly, you're going to have pockets where rates are still significantly above average, and where homeowners may have fewer options for coverage because these are markets that still recovering and they've been challenging in the past," Mark Friedlander of the Insurance Information Institute said.
Friedlander told WPTV that state regulators say the average premium on all types of homes in Florida is closer to $3,700.
All of this comes as reforms and new companies are bringing stability to rates. Friedlander reminds homeowners to do their due diligence and search for deals.
"The good news is that it is a more competitive market overall now in Florida, and you do have opportunities to shop your coverage," Friedlander said. "If you just got a renewal notice that shows your premiums are going up, call your agent. Ask them to shop (for less expensive) coverage."
If you're looking for a state with lower homeowners' insurance, Florida residents might want to consider a move to Vermont, Alaska and Delaware. The Bankrate.com study analysis said those three states currently have the cheapest average annual premiums.
Matt Sczesny is determined every day to help you find solutions in Florida's coverage collapse. If you have a question or comment on homeowners insurance, you can reach out to him any time.
