Home Insurance Premiums are Skyrocketing

By: OurSeniors.net Magazine
 
ORMOND BEACH, Fla. - June 9, 2022 - PRLog -- Florida home insurance premiums are increasing astronomically. The insurance market is suffering due to increased costs in claims, attorney fees and fraud. Many companies are not writing new policies and are canceling policies, forcing Floridians to look for new coverage. Although the State Legislature held a special session last month, there are no quick fixes to the situation.

Hurricane season has just started. Agents are struggling to find replacement coverage for their clients. Companies have tightened their underwriting requirements and many people cannot meet them. If a home qualifies, they are now being written with Citizens Insurance, known as the insurer of last resort. Citizens has become the "go-to" company for agents in Florida, does have limits and restrictions on some coverages, but it might be the only solution.

The insured should be ready for a 4-point inspection and mitigation inspection. These policy inspections are used to qualify the property for discounts that might be available. They look at the age of the roof, electricity and plumbing. They also provide the insurance company with an idea of what mitigation has been done to the house. These include hurricane shutters, roof tie-downs, and construction. An owner with a safe structure has a better chance of receiving quotes from multiple insurance companies.

During the special legislative session, the state tried to come up with ideas to stabilize the market. In recent weeks, more than 5 companies have been sent to receivership and are basically out of business. This flooded the market with people looking for insurance and is putting a strain on the market capacity. One of the solutions the legislature passed was to stop canceling policies based on the age of the roof. Under the law signed by Governor DeSantis, companies cannot cancel a policy just for having a roof for 15+ years. They do require the roof to have at least five years of life left. The legislature also set aside incentives for homeowners that make storm-related improvements to their properties.

It's unknown if these new laws will help the market. Until the fraud and the limit on attorney fees come under control, it will be hard to see any relief. Reviewing your coverage with an agent to make sure you have the proper limits and coverages can help. With inflation affecting the prices everywhere, the insured need to ensure their homes are covered.

OurSeniors.Net brings valuable resources through our senior online and print magazine www.ourseniors.net and our Facebook page. Steve Clein is an insurance agent with 30+ years of experience. He owns C & C Insurance in Pembroke Pines and is the current Chairman of the Florida Association of Insurance Agents (FAIA). www.CandCInsurance.com; steve@candcinsurance.com.

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