Many Floridians, like M. Friedman, are questioning the value of home insurance due to skyrocketing costs. Despite upgrades, Friedman still pays over $10,000 annually. Bankrate data shows Florida’s average insurance premium is $5,838, $3,414 more than the national average, prompting some to forego coverage altogether.

Director of communications at the Insurance Information Institute, Mark Friedlander, warns against forgoing home insurance in Florida. He notes that high insurance rates are tied to insurers who don’t follow state regulations, leading to higher premiums. Shopping around for policies can uncover potential savings for homeowners.

Despite rising insurance costs, Friedlander advises staying insured due to the risk of catastrophic loss. Some homeowners are moving out of state or giving up homeownership altogether to combat high housing costs. OfficialHomeInsurance.com offers a hassle-free way to explore competitive rates and potentially save money on insurance premiums.

Florida homeowners are facing tough decisions as insurance rates soar. Friedlander believes the issue lies with high-risk policies from surplus line insurers. Shopping around for insurance policies can lead to substantial savings, leaving more money for important savings goals like emergency funds and retirement.

Read more at Yahoo Finance: Florida homeowners are self-insuring, but can they afford to risk paying for a ‘catastrophic’ loss out of pocket?