WEST PALM BEACH, Fla. — Homeowners insurance remains a significant struggle for many living in Florida, as residents continue to face premium increases despite signs of improvement in the market.
According to a recent Insurify study, the average premium in Florida is hovering around $8,300.
WATCH BELOW: Florida homeowners continue struggling with rising insurance costs
"A lot of that comes back to Florida's high wind risk from big storms like hurricanes, and Florida also ranks in the top states hit by tornadoes as well, so it's not just hurricanes, many things contribute to Florida’s high insurance costs, litigation in the past, but severe weather is what’s driving it," Matt Brannon, a senior economic analyst with Insurify, said.
While Florida's place as the most expensive state for insurance has not budged, there are signs that premiums are improving.
"In 2026, we expect rates to go up but maybe not at the same pace as they’ve gone up in the past," Brannon said.
Key findings from the Insurify report for Florida:
- Projected annual cost by the end of 2026: $8,458 (+2%)
- Average annual cost in 2025: $8,292
- Typical dwelling coverage amount: $328,842
However, those in charge at the state Capitol say the insurance landscape is looking better.
WPTV will be traveling to Tallahassee this week for the state's insurance summit to continue searching for answers.
"I think the good news we're trying to spread is the reforms have worked, and when we say reforms, it is tort reform that is a huge component, but it's also frankly the insurer accountability things, and we're creating a stable marketplace," Florida insurance commissioner Mike Yaworsky told WPTV a couple of months ago.
For residents like Lorraine Fraser in Boynton Beach, the costs are still taking a toll after years of sharp increases.
"The second year, from 2025 to 2026, is now going up to about $400 more," Fraser said. "As a retired person on a stable pension its very hard, very hard."
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