Your insurance pays for more than just hurricane losses. You have other weather related claims, lawsuits, fires, etc. While there hasn't been a severely damaging hurricane in about a decade that doesn't change the fact that if one did occur they would need to have enough premium saved up to pay out all the losses. The biggest problem is that they're taking on more and more risk (homeowner policies) as other companies no longer write in the state. Let's say your house cost to rebuild is 100k and you pay 5k per year, that would mean that if there was a total loss to your home once in 20 years the insurance company would be taking a loss. Now the good and bad news is they don't insure just you, they insure a bunch of people. So while they may be taking a loss on one policy, they can be profitable in others. That's unless there's a catastrophic claim like a hurricane that affects a large portion of there policy holders. Because they are one of the few larger insuring entities remaining in the area they are likely to have a large payout vs if other companies were equally sharing the risk. 1 large hurricane with not enough in reserve equals bankruptcy and many angry homeowners. So as they take on more policy holders they increase the cost on everyone else's policy to make sure there's enough to pay out for the new risk (say again $5000 a year premium on a home $100,000 to rebuild, they'll take that $95000 addition risk and spread it out among the other policy homes in an increase in price). So between increase in policy holders and any increase in legal fees, building costs, increase in the amount of lawsuits filed, increase in non major weather related claims, you're almost guaranteed to always see some sort of increase (pending that you don't raise your deductible or reduce your coverage).