Florida Average Insurance Costs

The protection of your health and assets is important no matter where you are

. In Florida, protecting your health and assets in is especially so and is more expensive than in most other states. According to the National Association of Insurance commissioners, home, health and auto insurance in Florida are amongst the countrys highest average rates.

One group of policy seekers can look on the bright side. Renters looking to insure themselves are paying on average only $202 annually for renters insurance, which was slightly less than both California and Texas. Compared to other rates this price seems reasonable, but offers little comfort for homeowners.

The higher cost of auto insurance in Florida is not incredibly surprising of course, considering Floridas high risk for natural disasters. The average price of a basic liability policy is just over $84, which is close to twice the average cost in lower-risk states like Washington and Idaho. Of course, these averages refer to only basic liability. This is the bare minimum, the least expensive and offers the least amount of coverage. In Florida, or anywhere else, this can be a major gamble.

Homeowners insurance in Florida is also amongst the most expensive. The reason for this is can sometimes take several different policies before your truly feeling any peace of mind. Flood, Fire, and tornado insurance are often separate policies, so maintaining ample coverage can be difficult. The average annual premium for home coverage is $1043.

Health insurance in Florida is highly influenced by the environmental factors as well, which is more rough news Floridian homeowners; health coverage also ranked as substantially high. A family health plan usually costs upwards of $13,000 annually, while policies for individuals generally run just under $5,000.

Another thing to consider about coverage in the Sunshine State is the possibility of your insurance company being financially ruined by a severe storm. Although this is highly improbable, smaller companies can be and have been ruined by large-scale storms like Katrina and Andrew. Going with a larger establishment could significantly reduce the chance of this occurring.

When seeking any service or commodity in any place, shopping around will determine the quality of your plans and ensure your chances of getting the best rates. When searching for plans and obtaining quotes, be sure to compare only quotes offering the exact same coverage. This provides a an equal scale you can use to determine which company weighs more and less in terms of value and expense.

Overall, Florida residents suffer from some of the highest insurance rates in the country, which due to its geographical risks goes without saying. Renters insurance is surprisingly affordable, but in every other category, prices are up. Although shopping wisely can always save you money, higher average insurance rates are perhaps just one of the costs for palm trees, sunshine and paradise.

by: Todd Meyers

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