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Florida found to have highest home insurance premiums in 2007

Posted On Thu, December 31, 2009

A new study has found that Florida's homeowner insurance premiums were the most expensive across the country in 2007.

The study, released by the National Association of Insurance Commissioners, found that the average premium for Florida homeowners increased by 10.7 percent to $1,534 in 2007, the Dallas Morning News reported.

"It just goes to show what catastrophic weather conditions can do to insurance rates," said Mark Hanna of the Insurance Council of Texas about Florida's high rates. "They had four hurricanes in 2004 [and] another hurricane, Wilma, in 2005. It catches up with you. It's been a huge, dramatic effect to their insurance rates."

Despite a minimal increase in their rates of only 2.8 percent, Texas had the second highest average premium rates in the country at $1,448. Louisiana followed with an 11.4 percent increase that brought its average premium to $1,400.

The NAIC cautioned that comparing average home insurance premiums from state-to-state was an "imperfect" task due to the many factors that lead to differences in insurance costs that ultimately determine the premiums. Among the more significant contributing factors to a rate are the real estate value and construction costs that are associated with the property.
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