Problem: Florida Homeowner Insurance Premiums are sky high.
8 Hurricanes ago, Florida Homeowner Insurance was high due to the fact that we live in paradise. Most of us could handle the fact that with beautiful sunny weather, comes a little higher premium. Now, however, things are getting way out of hand.
With a new Governor changes have come, but nobody seems to have a handle on the issue that is impressed upon all Florida minds. For many this issue has made the American dream of owning a home an impossibility. And that's just sad.
Here's one solution: There are a few things that we can all do. The state has mandated that all insurance companies that offer homeowner coverage provide discounts on the Wind Loss (hurricane) portion of our policies. An inspection by a certified state licensee determines if the home meets the requirements for the discount, a report goes to the insurance company and the discount is applied. Some have saved up to 50% ($5100) per year.
Here is a company that does the inspections in Southwest Florida: Insurance Inspection Services of Southwest Florida. www.iisswfl.com.
I've thought about this issue a lot as my home is 30 years old and the insurance company that represents our home is going out of business. The quote I received to replace the policy was $8000+.
I did receive a smaller quote from Citizens (the Florida state pool), however, I will not choose this company due to the fact that the policy is assessible. When a policy is assessible, the company will bill all policy holders if the company has to pay out in claims (hurricane season) more that it receives in premium. Ouch!
At least we know that our voices have been heard regarding this very frustrating problem.
I think that sharing this information and educating our buyer clients will help solidify our relationship with them through marketing and ensure that they know we are looking out for their best interest.
What do you think about this?
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