Homeowners insurance rate increases are one of those things that nobody likes. Unfortunately they appear to be coming for all Florida homeowners insurance carriers in 2020. Due to prior storms, water losses, poor financials, and global insurance market catastrophes, 2020 is set to be a tough year for Florida homeowners carriers.
Many of our homeowners markets have already stopped writing in the tri-county area of Broward, Palm Beach, and Miami-Dade due to the rampant claims, lawsuits, and fraud. And now markets are starting to tighten or shut down areas of the newly designated “SOLO” counties of Seminole, Orange, Lake, & Osceola.
To add to the county-wide new business shutdowns, current homeowners are likely to see some pretty hefty increases. Many of our partner insurance companies have announced increases over 10% such as Avatar, Florida Peninsula, and Universal. While others like Edison aare looking for increases over 20%!
These carrier-wide homeowners rate increases are the result of several factors in our Florida insurance marketplace. Some of the issues have been going on for a number of years, while others are relatively new. Below we’ve compiled a list and gone into detail on the 5 reasons Florida homeowners insurance rates will increase in 2020.