HIGH-COST COVERAGE

On Forbes magazine list of expensive states to buy property insurance, Florida ranked No. 6 with an average annual insurance cost of $939. But the numbers for Florida don’t include the 1.35 million properties insured by the state’s insurer of last resort, Citizens Property Insurance Corp., which is underwritten by tax dollars. Experts say if the numbers reflected these policies, Florida would be the most expensive. In general, home insurance is priciest in states where Mother Nature is least kind. Wind, rain, hail and hurricanes drive up the costs, and the high price of building materials doesn’t help. Here, according to Forbes magazine, are the 10 most expensive places to buy homeowners insurance and their average annual cost:
1. Texas, $1,372
2. Louisiana, $1,144
3. Oklahoma, $1,030
4. District of Columbia, $963
5. Mississippi, $939
6. Florida, $929
7. California, $895
8. Rhode Island, $849
9. Alabama, $847
10. Kansas, $836

Source: Forbes, Matt Woolsey (08/14/08)
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