How Much Is Fort Lauderdale Home Insurance Compared to the Rest of the State?
Whether you’re planning to move to Fort Lauderdale or you’re an existing resident assessing your options, you might be wondering how the local home insurance market stacks up to the rest of the nation. Is home insurance in Fort Lauderdale much more expensive compared to other areas throughout the United States? How does this coastal city compare to the rest of Florida?
How Does Fort Lauderdale Home Insurance Compare to the Rest of the Nation?
According to Bankrate, the average homeowners’ insurance policy in the United States costs about $2,300 per year. Of course, this amount varies based on the underlying value of your home – but the $2,300 figure is based on a dwelling worth $300,000. The average price of a home in the United States is around $400,000, so the average annual cost of home insurance is probably closer to $2,500.
Bankrate also states that the average price of home insurance for Fort Lauderdale residents is now $8,400. Again, this figure is based on an underlying property value of $300,000. However, the average home price in Fort Lauderdale is over $500,000 – suggesting that the real price of home insurance for most residents is significantly higher than $8,400.
How Does Fort Lauderdale Home Insurance Compare to the Rest of Florida?
Fort Lauderdale residents also face some of the most expensive home insurance policies in the entire State of Florida. Bankrate states that this figure is over 50% higher than the average home insurance policy in Florida. The average price of home insurance in the Sunshine State is about $5,400 per year.
Why are these residents facing such high insurance premiums? These expensive policies are caused by a range of factors, including Fort Lauderdale’s vulnerable position on the coast. In addition, the entire home insurance industry in Florida is under increasing levels of stress due to numerous extreme weather events.
Can a Fort Lauderdale Property Insurance Lawyer Help?
A property insurance lawyer in Fort Lauderdale may be able to help you with various aspects of home insurance. Perhaps you’re planning to move because of a denied claim. If this is the case, it may be possible to work with legal professionals and recover the compensation you need to fix damage to your home. Relocating may not be necessary – and Geyer Fuxa Tyler may be able to help.
Contact Our Fort Lauderdale Property Insurance Lawyers Today
At Geyer 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:
- https://www.bankrate.com/insurance/homeowners-insurance/homeowners-insurance-cost/#:~:text=The%20national%20average%20cost%20of,policy%20will%20likely%20be%20different.
- https://www.bankrate.com/insurance/homeowners-insurance/fort-lauderdale-fl/#:~:text=The%20strained%20insurance%20market%2C%20together,the%20statewide%20average%20of%20%245%2C440.
