|
The Florida Insurance Headache |
Storm insurance, Florida property insurance, wind insurance, business insurance… finding insurance for homes and businesses in Florida has become increasingly difficult, and in some cases, nearly impossible. It can be a deal breaker if you are buying or selling property. It can also cause a lot of stress if you are simply trying to maintain coverage to fulfill your bank’s requirement. Unfortunately, in some cases the new insurance rates are nearly matching mortgage payments. The goal of this site is to provide a resource for information and links to providers who may be able to help you.
|
|
No Big Storms This Year… YET |
| We’re all doing it. You hold your breath a bit when the weather comes on and you see a map of the Caribbean. Is there a swirling bunch of clouds and a big “L” in the middle? What letter are we up to? How long till November? The reality is that even modest storms like “Ernesto” may not have done much, but it just reminded insurers of the potential and made the companies more cautious. Hurricane Andrew in 1992 cost $21.5 billion in today’s dollars, Katrina was $41 billion. And though that storm devastated other states, we all are paying for it. Some relief and even a last resort for insurance at all may come from state sources, but they are not yet completely available and will have some very specific requirements. |
|
Reinforce Your Roof for Savings |
Wind insurance is pretty much impossible to obtain in coastal areas right now, when it becomes available it looks like any roof older than 1995 will need to be replaced. The good news is that the insurance companies have to give you some money back if you plan ahead. Florida Statute 626.0629 requires insurance companies to offer Florida homeowners "discounts, credits, or other rate differentials..." for construction techniques that reduce damage and loss in windstorms. So plan now to get credits and incentives by doing some inexpensive alterations while the roof is being worked on. A complete guide and list is available, along with an interactive checklist at the Florida Division of Emergency Management website. |
|
