Should I Self-Insure My Home in Florida?

Self-insurance is becoming an increasingly popular topic in Florida for obvious reasons. The home insurance industry has taken a major hit after recent hurricanes, and many people believe that the entire concept of insuring one’s home just isn’t tenable in the Sunshine State. Insurance companies are simply abandoning the state, and those that remain are charging exorbitant fees for anyone who wants to protect their home. But what exactly is self-insurance, and when might it be the right choice for you?

What Does it Mean to Self-Insure?

While the term “self-insurance” might sound complicated, the concept is very simple. Self-insurance simply means setting aside funds for emergencies in the future. Instead of paying premiums each month to an insurance company, you set money aside each month. The idea is that you’ll have an emergency fund in case your home suffers damage in the future.

While the concept is simple, the downsides of self-insurance are worth considering. Unlike a typical home insurance plan, you only get what you put in. In contrast, a home insurance policy can pay out millions — even if you’ve only paid a few thousand dollars over the past year. In the end, most people choose self-insurance only if they have no other choice. And because of financial pressures in the United States today, many Americans don’t even have the extra cash to self-insure reliably.

Why Are People Considering Self-Insurance in Florida?

Technically speaking, homeowners in Florida still have the option to pursue traditional home insurance. The problem is that it has become more expensive than ever before. On December 12th, it was reported that many people in Florida were experiencing skyrocketing home insurance rates.

One woman claimed that her insurance went from $4,800 a year to $26,400 a year. These stories are common, and many insurance companies are not even trying to justify these rate hikes. The bad news is that the problem is widespread, so customers facing increased insurance costs will experience the same issues regardless of which company they choose.

At the same time, new legislation in Florida is making it more difficult for homeowners to file claims and recover compensation for legitimate forms of property damage. This new legislation gives homeowners less time to file claims and bails out insurers — an obvious form of support for insurance companies and not average homeowners in Florida.

Judging by these factors, it should come as no surprise that many homeowners are abandoning the insurance industry altogether and choosing self-insurance instead.

Where Can I Find a Qualified Hurricane Insurance Attorney in Florida?

If you’ve been searching for a qualified, experienced hurricane insurance attorney in Trenton, look no further than Shochet Law Group. Over the years, we have helped numerous homeowners with things like denied home insurance claims, filing proper claims, understanding the fine print of policies, and much more. If you’d like answers to your home insurance problems, one of the best things you can do is book a consultation with us today. Reach out now to get the ball rolling.


  1. https://www.planetizen.com/news/2022/12/120589-florida-home-insurance-prices-increasingly-burden-residents
  2. https://wsvn.com/news/help-me-howard/home-insurance-skyrockets-from-4800-to-26400/
  3. https://www.thebalancemoney.com/what-does-it-mean-to-self-insure-2386103

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Shochet Law Group

409 N. Main Street
Trenton, FL 32693
(352) 354-4518 or (877) 548-9888
[email protected]


If you have further questions about this article or legal concerns, call 800-672-3103

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