State of the Homeowners Insurance Market in Jacksonville Florida post Hurricane’s Matthew and Irma.
We are getting many questions a year after Hurricane Matthew and a month after Hurricane Irma considering the state of the insurance marketplace. How are these storms going to affect insurance in Jacksonville or homeowners insurance in Florida overall? I wish I had a crystal ball, but we can break down some key elements to consider when choosing your next homeowners insurance in Jacksonville.
Rates will Always Vary
Homeowners insurance rates in the state of Florida vary depending on where you live in the state. You can take the same home for Jacksonville homeowners insurance compared to homeowner’s insurance in south Florida and the rates can be as much as 25%-50% higher.
Why is this? It would appear that the south part of the state is more prone to losses due to hurricane damage and exposure. Historically speaking this might be true but let’s take a look at the past two hurricane seasons. Especially Hurricane Irma.
How Storms Have Affected the State
Hurricane Irma was on track to be a Cat 5 storm and a direct hit on Miami 48 hours before landfall on the Florida Keys, Cujo Key and then again on Marco Island on the Southwest Coast of Florida. Had it kept that track it would have been the worst-case scenario for Florida homeowner’s insurance and even Jacksonville homeowner’s insurance ever.
As the storm shifted west before landfall it actually was not worst case, but bad enough case to have major questions about homeowner’s insurance in Florida moving forward. The storm caused damages in every single county in the state of Florida!
The Magnitude of Damage
As of October 6th, according to the Florida Office of Insurance Regulation, there have been over 700,000 claims filed. The projected losses are currently over $4.5 billion and that number will escalate. In just over a month, over 24% of claims have been closed. To show how this was a statewide event the number of claims per county are staggering.
- Jacksonville insurance claims are over 29k in Duval County alone
- Brevard County 32k
- Broward 57K
- Collier County 48k
- Lee County 53k
- Dade County 87k.
So, as we can see this was not an isolated storm. This statewide event stressed the entire market place for claims like never before. Insurance claims adjusters have come from all over the country to help the Florida insurance companies thru the process.
Navigating the Claims Process
What do we do at Pablo Beach Insurance to guide our clients thru the Jacksonville homeowner’s insurance process? Well, we do not live on or sell by price alone. Sure, to be competitive is a priority but carrier stability is number one for our Jacksonville home insurance clients.
We look at several factors and share them with our clients. Things like length of time in the market place, policyholder surplus and risk based capital (RBC) are the most important factors and the ability to handle and close claims as quickly as possible.
Believe me when I say this. We have been thru two major events in the last year. Hurricane Matthew and Hurricane Irma. We have had hundreds of clients that have had claims and know which companies have stepped up and who hasn’t on the claims process.
So, along with this information we can share with our clients and future clients to best guide them thru the purchase of homeowner insurance in Jacksonville as best we can.
Pablo Beach Insurance
The BEST Insurance Agency in Jacksonville!
For over 13 years, PBIG has been helping Florida Homeowners by getting them the right coverage at the right price. We are locally owned, have a casual approach, and deliver professional results. Click the image below to get a no-hassle, free quote from one of our flood, renters and home insurance experts.
