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Will Florida Insurance Rates Spike In 2019?


Picture this – it’s early December in Florida, and you’re preparing to enjoy the holiday season with your family. Perhaps you’ve just received a bonus from your employer that put a bit extra spending money in your pocket for gifts. Then, all of a sudden, you receive a notice from your insurance company indicating that they’re dropping your policy at the beginning of 2019.
That would be devastating, right? Unfortunately for 87,000 Florida homeowners, that nightmare just became a reality. Tens of thousands of Florida homeowners are now scrambling to secure new coverage for the beginning of the new year.

Why Did Insurance Companies Shed Customers?

The Florida Office of Insurance Regulation indicates that insurance companies have processed more than $15 billion claims over the past 12 months. This is primarily due to the two major hurricanes that struck the area and caused widespread damage, Irma and Michael. Subsequent flooding that occurred after the storms made landfall caused Florida homeowners to submit record-breaking water damage claims.

The rising costs have stretched insurance companies thin, prompting them to drop certain owners from their policies. And, it’s not just small agencies who are dropping homeowners. Of the top ten property insurers in the state, five had fewer customers in October 2018 than they did in February 2018.

All Florida Citizens Will Feel The Impact

Even if you were fortunate not to be dropped from your insurer, you should still prepare to pay more in 2019. Many smaller insurance agencies, such as Citizen’s Property Insurance, proposed a 2019 premium increase of eight percent. Many local agencies have indicated that they will likely follow suit. So, all Florida homeowners should expect to see some sort of premium increase.
Bentley DeNight Insurance agent Jeff DeNight told ABC Action News Tampa Bay, “Ever year these insurance carriers are going to the Office of Insurance Regulation and trying to get a rate increase. This year, we are seeing anywhere between seven and 12 percent rate increases amongst all of the companies.”

This, of course, is already on top of astronomically-high insurance rates across the state. Once the expected premium increases take place next year, Florida homeowners will be paying roughly twice the national average.

Home Insurance & Premises Liability

One aspect many homeowners often do not consider is most homeowner insurance policies include coverage for another party being injured on your property. This is important – if a friend of the family is seriously injured on your property you may be found liable and find yourself in a premises liability lawsuit. Your homeowners insurance should offer some protection for this, however with so many possible changes on the horizon in the Florida legislature, homeowners should check their policies to be sure of this kind of coverage and make any adjustments needed – even if it increases the cost.

Attorney David Goldman has a strong belief that everyone should be treated fairly and those with the means should do what they can to bring justice in all areas of our society. That belief has led him to help Florida's injured from being taken advantage of by corporations and insurance companies. Since 1989 David Goldman has been fighting for the rights of Floridians both as an attorney and by personally supporting our community.

Will Florida Insurance Rates Spike In 2019?

Goldman Babboni Fernandez
Murphy & Walsh




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