ORLANDO, Fla. — Editor’s note: This story is available as a result of a content partnership between WFTV and the Orlando Business Journal.
The meteoric rise in Florida property insurance rates is anticipated to stabilize after record increases over the last 24 months, but costs still are expected to remain elevated for the foreseeable future.
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Data from the Florida Office of Insurance Regulation shows the average cost of premiums in Florida rose nearly 30% between March 2022 and September 2023. During the 12 months ending in September, the average cost of premiums in metro Orlando rose 18.1%.
The average premium in Orange County ranked the highest in metro Orlando, at $3,100, followed by Seminole ($3,050), Osceola ($2,527) and Lake ($2,241). Lafayette, Suwanee, Hamilton, Union and Holmes counties posted the largest year-over-year increase in premiums in 2023, according to state data, with those five counties averaging a collective 28.8% increase.
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