WEST PALM BEACH, Fla. – About 240 miles north of West Palm Beach and 100 feet above sea level is a part of Florida where skyrocketing insurance rates don’t exist.
“We don’t get the big storms, and I don’t want to jinx it,” said Ocala-area realtor Courtney Moody. “We get a rainstorm when you guys get a hurricane.”
Lower insurance, she said, is now leading to an increase in clients moving to the central Florida city from South Florida, with as many as 30% of people looking to relocate.
“We’re an hour from either coast,” Moody said. “We’re not that far away to go and visit, but I don’t want to live there because of the insurance costs.”
“When you look at the risk versus the price of home insurance, typically coastal communities like Palm Beach County will pay more than inland counties,” said Mark Friedlander of the Insurance Information Institute.
The website recently listed the average homeowners insurance premium in Marion County, where Ocala is located, at $1,750.
Risk is only one factor in determining insurance rates, Friedlander said.
“Just because you live in an inland county doesn’t mean your risk has gone away, and that’s why you might see lower rates in general, but you’re not necessarily going to see a bargain premium if you live in an inland county,” he said.
For those who aren’t moving, Friedlander said there are ways for homeowners to reduce risk and save money.
“In the state of Florida, if you take steps to make your home more resistant to storm damage, such as strengthening your roof, your windows, your garage door, those kinds of things, you’ll get discounts,” Friedlander said.
