Rising Florida Home Insurance Costs Drive Residents Toward Self-Insurance (Claims Pages Staff)

Rising Florida Home Insurance Costs Drive Residents Toward Self-Insurance

  Monday, September 18th, 2023 Source: Claims Pages Staff

A recent survey conducted by the Insurance Information Institute has shed light on a growing trend among Florida homeowners. As insurance premiums continue to soar in the state, more and more residents are choosing to self-insure their homes.

Self-insurance is a strategy wherein a homeowner makes the deliberate choice not to purchase insurance coverage. Instead, they allocate the funds they would have spent on insurance premiums into a dedicated savings or investment account. The purpose of this fund is to provide a financial safety net for unforeseen repair or replacement expenses.

According to the Insurance Information Institute’s study, Florida is now home to the highest average home insurance rates in the United States, with homeowners shelling out an average of $6,000 per year. This starkly contrasts with the national average of just $1,700 annually.

Homeowners who choose to self-insure will not have the invaluable liability coverage included in a standard policy; liability coverage offers crucial legal and financial protection if someone is injured on their property.

Homeowners exploring alternatives to self-insurance can consider bundling insurance policies, seeking discounts, and increasing their deductible. While some are turning to self-insurance, It’s crucial for homeowners to carefully assess their individual circumstances, needs, and risk tolerance.

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