When people in Florida have a mortgage, banks require them to obtain homeowners insurance to protect their investment. After the mortgage is satisfied, however, thousands of people stop paying those insurance premiums, which puts them at risk, experts say.
“It’s totally crazy not to have insurance unless you are super rich and you can be self-insured but I don’t think that’s the case for most of us,” says Victor Roldan, director of RMS.
The National Association of Insurance Commissioners says Florida had the third-highest average premium for homeowners insurance compared to other states in 2016, costing homeowners $1,918 annually. Compared to the national average, Floridians pay $726 more per year.
According to the U.S. Census Bureau, more than one out of 10 (12.8 percent) owner-occupied Florida homes don’t have property insurance, and it rises to 14.4 percent in Miami – double the national average of 6.8 percent.
Source: NBC Miami (02/25/19) Masihy, Myriam; Esquivel, Sandra
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