Florida Premiums

Comm_Ins

New Member
15
Are premiums in Florida, specifically southern Florida, typically higher than the rest of the country, or just non coastal states? I quoted a cellular store in southern Florida and got a quote of $2700. That same business with same characteristics, limits, and coverage in IL, AZ, or MI would of been around $1200, with the same carrier. In addition, carriers that accept that class of business declined to write it because it's in southern Florida.

Thanks for any info
 
Yes .. I was a risk manager for a carrier for 5 years previously and we had an easier time staying profitable in NYC than Broward and Dade county in auto.

For property .. when you write a lot of FL property you need to buy a ton of re-insurance and rates are very conducive on the re-insurance market.
 
The fraud is also very great here. If you are speaking about a commercial property then it makes sense. Setting a place on fire to claim money is more common that one might image. I know this from adjusters that I know.
 
Yes this is for a BOP, and apparently after doing more research, Florida premiums are very high compared to other states.
 
The fraud is also very great here. If you are speaking about a commercial property then it makes sense. Setting a place on fire to claim money is more common that one might image. I know this from adjusters that I know.

Yup forgot about that aspect.

Also.. the legal environment.. Florida is infested with lawyers .. turn on the TV in FL and you will see an ad for an attorney in 5-10 minutes tops.

All in all .. it is not a good state for insurance companies.
 
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