JACKSONVILLE, Fla. — As home prices and insurance rates rise across the United States, a new LendingTree report ranks Florida ninth for the highest home insurance cost.
On average, Florida home insurance cost
s $3,245 in 2024. In comparison, the report found the average cost nationwide is $2,478. That’s a 38% difference.
>>> STREAM ACTION NEWS JAX LIVE <<<
This year, average insurance costs are highest in Oklahoma ($5,478) and lowest in Hawaii ($549).
In the past five years, insurance rates have cumulatively risen 37.8%. Rates rose almost 6% in the first three months of this year alone.
[DOWNLOAD: Free Action News Jax app for alerts as news breaks]
LendingTree points to rising home prices, inflation, building materials prices, and climate change as reasons for higher prices.
Data from the Insurance Information Institute shows wind and hail make up a majority of home insurance claims.
[SIGN UP: Action News Jax Daily Headlines Newsletter]
Click here to download the free Action News Jax news and weather apps, click here to download the Action News Jax Now app for your smart TV and click here to stream Action News Jax live.
