TAMPA, Fla. — Florida has been dealing with a growing problem of rising prices—from homeowners insurance to auto insurance — and some Floridians are worried about what's next.

What You Need To Know

  • According to a financial institute Bankrate, Florida's auto insurance rates are nearly double the national average 

  • Florida has some of the highest rates of uninsured drivers in the nation 

  • Some worry this could have a major impact on family budgets and small businesses

According to Bankrate, a financial institution, auto insurance rates in the state are nearly double the national average. It can be rough for families and small businesses. 

Steve Gray runs two small businesses: Pasco Painting and Gray Tech Facility Maintenance. He says auto insurance is going through the roof. 

"In 2022, for one vehicle for a commercial liability [it] was 564 a month which was up from 300 some odd dollars a month two years prior," Gray said. "Now that same vehicle is $1,200 a month and with a second vehicle on there is over $1,400."

Many people are finding their insurance plans have nearly doubled in just the last year. Angel Cook is a managing agent at Leaders Insurance and says a lot of people are getting sticker shock when they see their auto insurance renewals. She says the problem stems from several factors.

"The amount of claims right now are out of control. In Florida, there's not a limitation on what you can sue for and what adds to that is we are number one in uninsured drivers," Cook said.

Both Cook and Gray say that the state government needs to figure out a way to regulate insurance companies more in the state or the problem could get much worse.