After a long bout of affordable home insurance rates, Florida home owners are witnessing a steady increase in prices of policies. Companies like Federated National Insurance and Northern Capital Group have had rate increases of 19 percent and 10 percent, respectively.
Each company stated that the rate increases were necessary to help cover lost revenue over because of the higher wind mitigation credits they are now required to offer.
Other insurance firms are still waiting on rate increase approvals. United Property and Casualty has requested a 12 percent state-wide increase and Southern Fidelity and Capitol Preferred have both requested at 7.2 state-wide increase.
Lisa Miller, former deputy commissioner and current consultant to many Florida-based insurance companies stated, "Insurance Commissioner [Kevin] McCarty told the governor and Cabinet last week that insurance companies now need to shore up their claims-paying abilities through modest rate increases."
Although there are some companies that are keeping rates the same, for now, it seems that a majority of Florida-based companies are following suit and proposing rate increases to cover revenue losses. However, with the record-breaking low home prices all over the state, the higher priced insurance policies may not be the deal-breaker it is being made out to be.
Now if you are lookig for the best deals in a Central Florida home please visit our Foreclosure page or visit our Google Map Search and choose from bank-owend,short sales, or for sale by owners home around the Central Florida area.
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