Homeowners’ premiums go up less after claims in Fla.

10/24/2014

Homeowners’ premiums go up less after claims in Fla.

FORT LAUDERDALE, Fla. – Oct. 21, 2014 – Florida homeowners who resist filing claims with their property insurance companies in the belief it will increase the cost of their next year's coverage might want to think again, according to a new analysis.

Floridians paid only 3 percent more for homeowner insurance coverage the year after filing a claim, reported InsuranceQuotes.com, a website that provides free searches and quotes on insurance. The website is owned by Bankrate.com.

The 3 percent increase is well below the 9 percent national average rate increase, the report states.

Only three other states – Texas, New York and Massachusetts – had lower average rate increases after a first claim is filed.

In Texas, home insurers are not allowed to increase premiums after one claim, while New York and Massachusetts had 2 percent average increases.

In comparison, Wyoming homeowners paid an average 32 percent more, the state with the highest premium increase after an initial claim is filed.

While Floridians get a break on rates rising after filing a first claim, they still pay among the nation's highest homeowners insurance premiums.

The average homeowner's policy in Florida cost $1,933 a year, compared to the $978 national average, according to the National Association of Insurance Commissioners' latest data published in 2013.

Copyright © 2014 Sun Sentinel (Fort Lauderdale, Fla.), Donna Gehrke-White. Distributed by MCT Information Services.

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