Will My Property Insurance Premiums Go Up in Fort Lauderdale?

Premium hikes represent one of the most common concerns for Fort Lauderdale homeowners. Whether you have recently filed a claim or your area has been hit by a major storm, you might be wondering whether your premiums will increase in the near future. When can an insurance company legally increase your premiums? Is there any way to prevent this from happening? Can a Fort Lauderdale property insurance lawyer help you fight for your rights?

Insurers Mull Whether to Hike Premiums in Florida 

In December of 2024, various sources reported that insurers in Florida were deciding whether to increase premiums for homeowners across the state. These deliberations occurred after the official end of “hurricane season” on November 30th. Reporters noted that premiums could increase across the entire state, regardless if homeowners live in areas affected by recent hurricanes. This comes as a source of frustration for those who have specifically chosen to live in areas where hurricanes and extreme weather are less common.

The final decision will depend on the extent of the losses incurred by insurance companies. As they approached the end of 2024, insurance companies were still attempting to calculate these losses. But while future rate hikes are not yet set in stone, recent changes in Florida’s legislation favor insurance companies and make it more difficult for policyholders to fight for their rights.

The final decision on rate hikes depends on how the entire financial market reacts to the losses caused by recent hurricanes in Florida. If these losses are sufficiently alarming, insurance companies may have to resort to “reinsurance.” This process involves creating another layer of financial security, allowing insurance companies to handle heightened risks. This translates to higher costs for policyholders.

Some companies have already announced that additional premium surcharges will not be necessary. Florida residents may remember that these surcharges occurred following hurricanes in 2004 and 2005. The fact that they will not appear (at least in terms of one company) highlights the fact that recent storms in Florida were less severe than expected.

One expert in Florida described the recent damage as “moderate,” pointing out that the hurricanes missed areas with high-value real estate entirely. Most of the damage was flood-related – an issue that normal homeowners’ insurance does not cover. Therefore, insurance companies did not have to provide any compensation for this type of damage unless homeowners obtained additional flood insurance.

While this might sound encouraging to homeowners who escaped recent hurricane damage, premium hikes are not the only source of concern in Florida today. Many people are still waiting for compensation after filing their insurance claims – and they may require legal assistance to receive what they are entitled to.

 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.

Source: 

palmbeachpost.com/story/news/2024/12/05/2024-hurricane-season-has-ended-will-insurance-premiums-now-go-up-across-florida/75938911007/