Property Insurance in Fort Lauderdale Continues to Get More Expensive

While positive signs have provided some optimism for Florida homeowners, the unfortunate truth is that property insurance is becoming more expensive for many people. This comes as one insurer has asked the state for permission to hike premiums by more than 30%. What can you do to fight for your rights as a property owner? Could a property insurance lawyer in Fort Lauderdale help?

Property Insurance Company Asks for Permission to Raise Rates by 31% 

The Palm Beach Post reports that one property insurance company in Florida is asking permission to hike rates by 31%. If they are successful in this aim, everyone who chooses to renew with this insurer will need to pay a higher rate. These increases will apply to many policies that go up for renewal this year in 2025.

In recent months, the main story has been a steady decline in rates. This development casts doubt on these recent affordability improvements – and it could be a sign of things to come. Much depends on the severity of the Florida hurricane season, which is just beginning in 2025. Perhaps this insurer is predicting a difficult season ahead.

This represents the first time a property insurance company in Florida has asked for a major rate increase. Requests such as these can only be approved after a hearing with state regulators. It is unclear what will happen during this hearing, but Florida has a long history of ruling in favor of insurers. After all, they want to keep property insurers happy so they don’t flee the state.

This specific insurer says the 31% increase is necessary to cover hurricane damage caused last year. The company also claims that its current rates do not accurately reflect changing conditions in the Florida insurance market. In fact, they say that a 60% increase is actually more appropriate – giving the impression that they’re doing homeowners a favor by seeking “only” 31%. Finally, the insurer blames rampant inflation on the need for higher insurance rates. This is somewhat undeniable, as building costs have skyrocketed in recent years.

“Perfect Storm” Predicted for Condo Market in Florida 

In June of 2025, The Cool Down stated that Florida’s condo market was beginning to show signs of a “perfect storm.” This involves a 9.2% decline in condo and townhouse sales across Florida during Q1 2025. At the same time, active property listings have increased by 35%. Many people are trying to sell their condos due to high insurance costs.

 Contact Our Fort Lauderdale Property Insurance Lawyers Today

At Fuxa & Tyler, our legal team is made up of a diverse combination of attorneys who are well-positioned to protect the legal rights and financial interests of policyholders. If your property insurance claim was denied, we can help. For a free consultation, please call us today at (954) 990-5251. With an office in Sunrise, we represent policyholders in Broward County and throughout the state of Florida.

Sources 

palmbeachpost.com/story/weather/hurricane/2025/06/19/true-property-insurer-asking-florida-31-percent-rate-increase/84243322007/

thecooldown.com/green-business/is-florida-condo-market-crashing-surfside-condominium-collapse-insurance/