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Why Insurance Rates Rise

In Florida Legislation, Insurance law on March 13, 2013 at 1:32

Many people wonder why insurance rates continue to rise despite the fact that Florida has been fortunate to avoid a hurricane for six years.  There are a myriad of reasons why, but Lynne McChristian of the Insurance Information Institute provided information on other non- catastrophic losses that still cost money.  According to a report on First Coast News, McChristian also sites older homes and sinkhole claims.

Further, she calculates that price of insurance on a scale of dollars per homeowner is actually lower than in 2005.   Rebuilding costs have risen, which also has an impact.

With the legislature in session, and a new hurricane season just a few months away, this will be a hotly debated topic.

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