Many Florida homeowners may find themselves paying a higher price for homeowners' insurance than they did in the past. According to one study, the premiums paid for this type of insurance have risen by 88 percent in the past 10 years. A finance company said that ongoing natural disasters may be one reason for the increase, but insurance companies are continuing to bring in significant profits.

Because insurance is based on calculating risk, it costs less money to buy insurance when there is a lower chance of a need to pay out. The increasing number of wildfires, hurricanes, and other serious problems has made homeowners' insurance a riskier business with a higher number of claims. In 11 of the top 15 states for homeowners' insurance premium hikes, tornadoes were a significant factor over the past years. Home insurance rates in those areas went up around 67 percent in the past decade, an increase of around $580 on average each year. Many homeowners may not immediately recognize the changes in their insurance premiums because they are often bundled into their monthly mortgage payment.

In Florida, homeowners' insurance premiums did not rise very much on an average level. The increase was approximately $284 across the state, although individual homeowners may have different experiences. At the same time, those Florida clients already pay the most expensive prices in the country for their insurance.

Despite the hefty fees they pay, Florida homeowners often face difficulties obtaining a payment on their insurance claims, especially after a hurricane or natural disaster. Insurance companies may deny claims or delay a payout over a lengthy period. People who are in this type of a situation can consult with an attorney about their options.

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