June 14, 2024

Ft Lauderdale Insurance Rates

State Farm Homeowners Policies rates about to rise.

The Office of Insurance Regulation approved a 19 percent average statewide rate increase for State Farm home insurance policies.  The changes are to take effect beginning in July as policies are renewed.

From this State Farm 19 percent statewide average home owners increase here are some average rate increase breakdowns for our area. Investor owned homes that are leased out will see an average state wide increase of 62%.  Homeowners in Western Broward will see an average increase of 64%.  Homeowners East of the Intracoastal in Broward will see an average increase of 50%.  Homeowners in the “middle of Broward”  will see an average increase of 10%.

There is some good news for renters who will see their statewide average drop 15% and Florida Condominium Owners who will see an average statewide rate decrease of 3%. Again this is for State Farm Home Insurance Policy holders, only.

Home owners insurance is only one issue to be aware of when buying Ft Lauderdale Real Estate,   another is, Ft Lauderdale Condominium association dues, and Broward County Real Estate Taxes are other costs which can be specific to an area. When buying Ft Lauderdale Real Estate these are discussions to have with your  Ft Lauderdale Real Estate Agent.