Why is home insurance so expensive in Florida?
Why is home insurance so expensive in Florida?
The story behind Florida home insurance costs Legislation specific to Florida property insurance, the state’s susceptibility to hurricanes, and a rising rate of insurance fraud have all contributed to the state currently costing homeowners almost twice as much for insurance as in other states.
Do you legally have to have homeowners insurance in Florida?
Florida law does not require the purchase of homeowners’ insurance, but most people want to insure the largest investment they may ever make – their home.
Is homeowners insurance tax deductible in 2021?
Generally, homeowners insurance is not tax-deductible, nor are premiums, even though your premiums may be included in your mortgage payments. Why? Because homeowners insurance is not considered nondeductible expenses by the Internal Revenue Service (IRS).
