A new study by ValuePenguin shows the average increase in home insurance renewals will rise by nearly 12% as policies reset in 2021. There are wide variances based on the carrier with increases ranging from no change to as high as 36.5%. Florida’s home insurance costs are already the highest in the country as we’re the highest risk state for damage due to natural disasters. All of this is to say this is the year to go shopping.
In reality, with as expensive as Florida homeowner's insurance policies are in general, every year is a year to go shopping. The average person only reevaluates an insurance policy every eight years, and most commonly that only happens because of a property transaction or a catalyst like an insurance company dropping or selling off policies. Look at what you were paying for insurance eight years ago and take a look at it today. A lot changed and you’re no doubt paying a lot more, but do you need to?
Again, the range in change this year is zero to 36.5% with an average increase of 12%. There are literally hundreds of dollars' worth of difference this year alone on the average policy and thousands on higher-end properties. It’s time to go shopping but the rare kind that actually saves you money.
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