Survey Shows Majority of Florida, California Homeowners Seeing Higher Insurance Costs

Few people in Florida and California will be surprises to hear that the majority of homeowners in those states have been affected by rising property insurance costs.

A survey by Redfin, a U.S. real estate broker, found that just over 70% of Florida homeowners said that they or they area in which they reside have been hit by higher insurance costs or changes in coverage. Some 12% of Florida homeowners surveyed also said they had been dropped by their insurer and the same percentage said that rising premiums and natural disasters are reasons behind their plans to move to another locale.

In California, some 51% of respondents have seen rising premiums or reduced coverage for their homes or others nearby, the Redfin report noted. And 13% of those who plan to relocate cited natural disasters and climate risks as a reason.

The survey numbers were well above the national average, Redfin said.

The report also found that only one third of U.S. homeowners seem to know which natural disasters are covered by their insurance policies. The same level of U.S. real estate agents, 34%, said they had experienced an increase in issues related to home insurance over the past year. In Florida, the percentage was 73%. In California, 64% made the statement.

The full report can be seen here.