Florida homeowners are grappling with a severe insurance crisis, experiencing significant premium increases. Miami-Dade County, in particular, faces some of the nation’s highest homeowner insurance rates, placing a substantial financial burden on residents already dealing with rising living costs.
Key Takeaways
- Florida has the highest average annual homeowner insurance premium in the United States.
- Premiums in Florida have increased by 43.2% between 2018 and 2023.
- Miami-Dade County ranks second highest for homeowner insurance rates in Florida.
The Escalating Insurance Landscape
Recent research indicates that Florida leads the nation in average annual homeowner insurance premiums. Data analyzed from 2017 to 2021 shows Florida’s average premium at $2,100, which is 73% higher than the national average. More current studies, which account for factors like windstorm protection and inflation, place Florida even higher. A May 2025 study by Bankrate.com ranked Florida second behind Texas, with an average annual premium of approximately $5,409 for a $300,000 home.
Miami-Dade’s Insurance Burden
Within Florida, Miami-Dade County is experiencing particularly high insurance costs. According to the Florida Office of Insurance Regulation, 2023 data revealed that Monroe County (including the Keys) had the highest average premium at $7,162 for single-family homes. Miami-Dade followed closely, with an average annual rate of $5,391 for single-family homes. Condo owners in Miami-Dade, however, faced slightly lower rates, averaging $2,440 per year.
Factors Influencing Premiums
Experts attribute these elevated premiums to a combination of risk factors. These include the prevalence of severe weather events and natural disasters, rising property values, and state insurance regulations. The significant increase in premiums places an additional financial strain on homeowners, often on top of their mortgage payments. While state reforms have been implemented to mitigate these costs, the crisis continues to impact residents across the state.
Sources
- Florida’s insurance crisis: Premiums up 43% since 2018, Miami-Dade ranks second highest, IslanderNews.com.