Are you wondering about homeowners’ insurance in 2024? Over the past two years, the homeowners’ insurance crisis has revealed its grim side. Between May 2022 and May 2023, homeowner insurance premiums in Florida surged by double digits, a staggering 35%, as the Insurance Information Institute reported. Consequently, many homeowners are left wondering what to expect in 2024.
Despite the persistence of certain factors driving insurance prices upward, such as inflation, reinsurance costs for insurers, and soaring construction material prices, 2024 is anticipated to bring more stability. A report from the Florida Office of Insurance Regulation suggested that, following the implementation of Law B-837, which regulates lawsuits against insurers, there has been a significant reduction in litigations against insurance companies. Lawsuits were identified as one of the causes of premium increases. Additionally, new companies are entering the Florida market.
In this context, the governor proposed a one-year exemption from homeowners’ insurance taxes for those whose homes do not exceed $750,000. If this initiative is approved, it should translate to a 6% savings on insurance premiums, according to some experts.
Although the upcoming year seems less hostile for homeowners’ insurance in Florida, the accessibility crisis persists. It’s essential to understand that when talking about average savings or trends, it doesn’t mean everyone will be affected similarly. For many homeowners, including yourself, their insurance premiums will increase.
The best approach is to stay vigilant about your insurance contract’s billing behavior. Suppose you feel you are paying an excessively high price. In that case, it’s time for you to contact your Univista Insurance agent, who will explore existing market opportunities to protect your home at a more affordable price. Are you wondering about homeowners’ insurance in 2024?
Give us a call today for a comprehensive assessment! (305) 267-7138. You can also get a free quote here.
