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Follow on Google News | Are Repaired Sinkhole Properties In Hernando County becoming more valuable?Recently Citizens Insurance has tried to hike the Sinkhole Insurance rates by 447%! Senator Mike Fasano, groups like FAIR (Florida Association for Insurance Reform) recently led the fight against this Citizens’ proposed increase in sinkhole rates.
By: Tina Fingerman With a repaired sink hole property and a good warranty from the contractor many people are deciding to forego the extra sink hole coverage even years later when the property might actually be eligible for that type of coverage again. The fight against Citizens increases is probably only a temporary victory, and you can be sure that they will be coming back for more sometime in the near future. Citizens’ position is that they have had about 235 Million dollars in claims against only about 35 million in actual sink hole policy revenues. With that type of imbalance they say that rate increases are much needed and inevitable, although they fail to ever discuss the overall revenue they may take in which by the way far outweighs the amount of claims. Regardless, we can rest assured additional increase attempts are on the horizon. It’s become clear that Citizens wants out of the sink hole insurance claim business, although they can arbitrarily cancel all the policies they can make the coverage so unappealing and unaffordable that most people simply elect to go without it. Since further increase are coming in the foreseeable future, the question comes to mind whether or not homes that have had Repaired Sink Holes with all the proper credentials will become more valuable. In recent months, we have noticed that the stigma attached to repaired Sink Hole homes has steadily lifted and more and more people are being attracted to these types of properties due to not having to worry about carry an added coverage in the home owners insurance policy which will inevitably continue to be on the rise. Consumers should be encouraged to make sure all the proper due diligence is completed on these repaired properties and that the repair comes with a good warranty. Assuming that the due diligence passes, and the warranty is solid however, these homes can be quite a hot commodity in a world of rising insurance costs. A good Real Estate professional in Hernando County who has experience with these types of properties will be a valuable ally in helping buyers determine what does and does not pass the mustard so to speak. It will be interesting to see what the future holds, but so far judging by recent increased demands for repaired sink hole property in Hernando County it may be a fairly good bet to say these types of properties will continue to be in higher demand as further developments and increase by insurers continue to creep forward on the home owners. As it stands at the moment, these types of properties can still typically be purchased for less than current market value, but as we have already started to see that trend may quickly become a thing of the past. To See a good example of a Home Priced Under Market Value, with a Repaired Sink Hole and All The Correct Documentation and Warranty Click Here And Check Out 1519 Overland Dr in Spring Hill FL. For more information about the latest Real Estate Trends in Hernando County or about Real Estate in Spring Hill Fl, contact Tina Fingerman with Agent Trust Realty at 727-946-2348 or visit http://www.agenttrusthernando.com # # # About Tina Fingerman: Team Fingerman is team of Real Estate Professionals in Spring Hill Florida. Tina Fingerman is a Professional Realtor with Agent Trust Realty. Call Tina at 727-946-2348 For More Information about Hernando County Real Estate visit: http://www.agenttrusthernando.com End
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