Florida is in the middle of an unprecedented insurance crisis. The state has the highest homeowners' insurance rates in the country, an Insurify study found. These record-high rates are driving potential homeowners away, especially in coastal areas where rates are highest. Realtors in the state cite the aftermath of Hurricane Ian as one of the largest factors driving rates up, a Bloomberg article reported.
Specific insurance companies are raising rates across multiple states. Allstate has implemented rate hikes in Illinois recently, as well as California, New York and New Jersey. In Illinois, Allstate rolled out a 12.7% increase in rates, the Chicago Tribune Reported. At the end of 2023, the company raised rates in California by 30% on average, while New Jersey saw rates go up by 20% and New York residents’ rates went up by 14.6%, Insurance Business Magazine reported.