Somebody Should Spank Those Cheating Insurance Companies

Buyer, Seller, Real Estate News

Your Florida Insurance Will Go Down This Time … Maybe

"Only 20 percent of Floridians have seen their premiums decrease following the passage of House Bill 1A in a January 2007 special session" from The Associated Press, Brent Kallestad.

Homeowner Insurance Is Not Cheap in Florida

Every one of my Florida home buyers is shocked when they find out how much home owner insurance in Florida is. I just had a New Jersey client tell me for a $700,000 home he is paying $900/year. I had to enlighten him that it would more likely be in the $4500/year range in Northeast Florida. Needless to say he was shocked.

Homeowners insurance is a universal issue in Florida that affects all home buyers. So no matter if you are buying a Jacksonville home , Ponte Vedra Beach home or a St. Augustine home … your wallet is going to get hit. Any savings that we can get will not only help homeowners in today's sluggish economy but also help our real estate compare more favorably on the national level.

Florida Lawmakers Work To Make Homeowners Insurance More Affordable

Last year the Florida lawmakers trumpeted a new law that will allow insurance companies to reduce their rates. But for most Floridians that didn’t happen. In fact, some homeowners saw their rates rise! So the Florida Senate has been reviewing for the past couple of days what went wrong.

The Florida Senate’s hearing on insurance company compliance with House bill 1A (last years new insurance laws) have brought to light some startling facts. The Law that was suppose to result in reduced insurance rates for all Floridians had gaping loopholes that the following companies were reported to take advantage of:

Allstate Floridian Insurance Co.
Nationwide Insurance Co. of Florida
Hartford Insurance Co of the Midwest

If you were lucky enough to have American Strategic Insurance Corp (ASI) as your insurer then you did see a reduction in your rates! In fact, it was reported that an average 20% decrease in rates was seen.

(I also have Tower Hill Insurance and they also decrease their rate for me)

The Senate is trying to close the loopholes so that all the insurance companies will comply and rates may go down next year. But if I was a Home Buyer in Florida I would make sure my insurance broker check American Strategic Insurance rates when shopping for the best deal.

Related Links:

Senate Insurance Hearings

Insurance (9)

Date: Wednesday, February, 6th 2008 @ 01:23:00 PM
Views: 838

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