High uninsurance rate focused on Miami
Courtesy, University of Dayton
Miami-Dade County, one of the most vulnerable places for Atlantic hurricanes, has twice the national average of uninsured homeowners, according to the U.S. Census Bureau. Of owner-occupied homes in Miami, 14.4% don’t have property insurance, double the national average of 6.8%. The uninsured rate for Florida at 12.8% is also well above the national average.
Cost is sometimes cited by respondents. According to the National Association of Insurance Commissioners, as of 2016 Florida had the third-highest average homeowners insurance premiums in the country. The average bill was $1,918 annually, compared to the national average of $1,192. That’s a $726 difference.
Those of us working in insurance know very well the reasons for the high cost here in the Sunshine State relate to the high risk. They include living in a peninsula state that’s surrounded by water on three sides, together with low land elevations, many inland waterways, and warm climate.
Those Floridians with mortgages, of course, are required by their banks to have homeowners insurance to protect their investment. Nevertheless, more than one in ten Florida homeowners are going without property insurance.
LMA Newsletter of 3-4-19
