Makatla Ritchter wades through flood waters after having to evacuate her home when the flood waters from Hurricane Idalia inundated it on August 30, 2023 in Tarpon Springs, Florida. A recent study found that Floridians cannot expect their insurance premiums to go down any time soon. Credit: Joe Raedle / Getty

Florida’s skyrocketing property insurance premiums are expected to continue rising, according to a new report, despite already being among the highest in the country.

Residents of the Sunshine State currently pay on average more than $4,200 per year for home insurance, triple the national average of $1,700, according to data from the Insurance Information Institute (Triple I).

Research by Karen Clark & Co. (KCC), a Boston-based risk assessment and management firm, found that extreme weather events like hurricanes, which are frequent in Florida and are expected to become more severe with climate change, will continue to bring up the cost of reinsurance in the state.

This will also happen because construction costs—which are taken into consideration when determining how expensive it would be to rebuild a home […]

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