A recent study found that Floridians cannot expect insurance premiums to go down any time soon.
Florida's skyrocketing property insurance premiums are expected to continue rising, according to a new report, despite already being among the highest in the country.Residents of the Sunshine State currently pay on average more than $4,200 per year for home insurance, triple the national average of $1,700, according to data from the Insurance Information Institute .Research by Karen Clark & Co.
'So premiums go up when rates increase—which is what was happening in the last few years—and when inflation hits rebuilding costs—which we are seeing a lot of right now,' he said.Yanjun Liao, an economist and researcher at Resources for the Future , told Newsweek that she also generally agrees 'with the report's basic conclusion and the contributing factors it cites.
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