Property Insurance Rates Greater Concern for Florida Homeowners than Property Taxes

October 26, 2012 Posted by kingcade

A nonpartisan organization, Leadership Florida, recently released a survey that found 46 percent of Floridians say property insurance puts a greater stress on their finances than property taxes. In 2008, 36 percent of Floridians found property insurance was a greater stress on their finances and 31 percent cited property taxes.

Since 2008, property taxes have decreased along with property values due to the housing market crash; however, property insurance costs continue to rise. Many insurers have requested rate increases in the double-digit range in 2012, which have been approved. The growing rates could result in a political liability for Florida lawmakers in upcoming elections.

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