New data show that homeowners pay different prices depending on where their insurance company calls home, with local Florida firms costing nearly twice as much as national carriers, reported the South Florida Sun Sentinel.
What's happening?
Insurance pricing varies across the state based on which type of company you choose. Research on state regulatory data found gaps between what different insurers charge for identical coverage amounts.
Local companies demand much steeper payments than their national counterparts. The price difference becomes clear when you examine what each firm charges to protect every thousand dollars of property value.
Condo owners get hit hardest, with bills that are double what single-family homeowners face. Companies that recruit customers away from the Florida-backed Citizens Property Insurance charge premium prices.
"I think transparency is always beneficial. Consumer choice, paired with education, is paramount," said Kerrie Ruland, senior vice president of the managing agent for Monarch National Insurance Company.
Some insurers charge as little as $1.23, while others demand over $14 for the same thousand-dollar coverage amount.
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Why do these price differences matter?
This pricing split shows how the costs of our overheating planet hit Florida families hardest in the most vulnerable areas.
National companies can pick and choose their customers, focusing on newer homes in safer inland locations. Local firms get stuck protecting older properties in the path of strengthening hurricanes and rising seas exacerbated by burning dirty energy.
This arrangement punishes families living in danger zones with the highest insurance bills. These same communities face the greatest threats from floods, storm surges, and wind damage.
When insurance becomes unaffordable, families lose protection, and banks are reluctant to provide mortgages. This creates a downward spiral where threatened neighborhoods lose property values and economic stability.
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Definitely 👍 What can I do about expensive insurance?
Take steps to stormproof your home and lower your bills. New roofs, impact windows, and hurricane shutters can earn you discounts while protecting your family.
Consider higher deductibles to reduce monthly payments, but make sure you can handle the larger upfront costs if disaster strikes.
Push for policy changes by contacting elected officials about insurance reform. Advocate for rules that prevent companies from abandoning entire regions while still allowing fair pricing.
Vote for leaders who support clean energy transitions that address the root cause of worsening storms.
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