evidence: Despite the state’s involvement, many potential insureds still find it costly or difficult to get property insurance, especially in the highest-risk areas. Rising insurance costs and catastrophe-related losses can reduce property values and impede Florida’s economy.11 It is said that Florida is the riskiest property in the world for insurers to insure from a catastrophe risk perspective.12 According to the Insurance Information Institute, the average premium on a Florida homeowners’ policy is around $6,000 per year versus the U.S. average of $1,700 per year.13 In addition to homeowners’ premiums, Florida homeowners should carry a flood insurance premium at a substantial additional cost. They will be generally required to do so if they have a Citizens’ policy. [...] Martinez, Marli, "More Florida homeowners are self-insuring amid rising insurance costs, survey says," WESH, September 18, 2023. https://www.wesh.com/article/florida-rising-insurance-costs/45161582. ↩ -