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Every Fla. property insurance company calculates “replacement cost” differently, but almost all will charge more next year – in addition to other standard increases.
Florida home insurance costs will likely rise even higher than expected next year as companies increase the replacement value, or the estimated cost of replacing a damaged home, to reflect skyrocketing costs of construction materials and labor.
Insurers are factoring 2021's inflation and labor shortage into higher estimated replacement values for your home. Multiplied by higher rates, those increased replacement values are driving up your overall cost of coverage.