Florida Property Insurance: Are We Ever Going To See Any Relief?

By
Industry Observer with No longer practicing real estate as of 2008.

Another bill was introduced to Congress on Friday to reduce the costs of insurance premiums for homeowners in disaster-prone areas .  But really, how far will this bill go?  It's failed before, so are they really going to pass it this time around? 

"The bill would create a voluntary, market-driven national catastrophic fund designed to lower the cost of insuring homes in areas where the threat of hurricanes, floods and earthquakes have sent premiums skyrocketing. It also would make federal loans available to assist in rebuilding states hit by natural disasters."

More and more people can't afford the high insurance premiums in Florida.  Some people's premiums have doubled and tripled over the last year or two.  That's absolutely ridiculous!!  Between the taxes and insurance in Florida, it's almost like having another mortgage payment each month for some people.  And for senior citizens on fixed incomes....they just can't do it.

I certainly hope they do something about this issue and SOON!!  These ridiculous costs are driving people out of our state.

Comments (4)

Anonymous
Ex Miamian...

 

I surely hope something it's done FAST!..When my insurance more than double in a year,I had to leave..I still worry..the rest of my family is there

Aug 04, 2007 05:47 AM
#1
Frank Laisch
Orlando, FL
"The Insurance Guy"

Great Blog! We all hope some relief comes soon!!

We have seen some insurance quotes lowering over the past few months. The few that are still with the large Insurance companies that you see on television. Have still had crazy increases, if they have not been canceled yet...

Many people are also misled, having their home and Auto with the same company to receive a "discount". A discount from what...  

With so many companies out there, if you shop around or look at raising your deductibles to $2,000 or $2,500 you can get some relief.  

At Consumer Select Insurance we have over 26 carriers in Florida that we shop insurance through to find the best rates and coverage, please visit http://www.csioa.com/homeownersquote.aspx for a free quote or check up.

 

Aug 04, 2007 03:56 PM
Billnulls Blog Florida Realty Professional
Charles Rutenberg Realty - Clearwater, FL
AHWD
I agree with you totally that the insurance rates are driving people away! I am constantly asked about our insurance rates and where they are going. Perhaps we should all add a crystal ball to our other tools of the trade!
Aug 04, 2007 05:54 PM
Becky Troutt
No longer practicing real estate as of 2008. - Bradenton, FL

Ex, I certainly hope they do something soon.

Frank, thanks for the link.  I will check it out.

Bill & Barbara, I need a crystal ball for lots of things....LOL

 

Aug 04, 2007 10:18 PM