Insurance Premiums Hit Florida Homeowners Hard

Who can ever understand politics. Charlie Chris vetoes legislation that makes it easier for insurers to raise insurance rates, so why is everyone getting renewal notices from their insurance companies with rate increases from anywhere between 15% and 80%. Yes, that is no misprint, a Lighthouse Point homeowner, said State Farm increased her homeowner insurance premium 83 percent, from $3,395 to $6,214, even though her home was completed in 2005 and has hurricane impact windows and other features fortifying it against storms.
The Sun-Sentinel states that in the past 12 months, the Office of Insurance Regulation approved about 140 residential insurance rate hikes, ranging from less than 1 percent to 29 percent. Some individual policyholders’ bills went up more because the approved rate increase is a statewide average. The increases were approved after many insurers argued that efforts made by the state Legislature to cut premiums in 2007 and 2008 had left them unable to keep pace with claims and other costs.
As with all things in life, there is always some bad mixed in with the good. Living in Florida has so many pleasures, least of which is the year-round great weather. But insurance premiums are the bane of our lives here. There are many ways to reduce premiums - always work with an insurance agent that will give you all the facts. My husband and I managed to almost halve our premium when our agent explained how the different coverage options worked.
Let me end of my weekly mantra this time of the year: If you are considering the purchase of property in Florida, summer is the best time to buy as prices are definitely more competitive and Sellers more negotiable.
By the way, if you are looking for a gorgeous pied a terre in a quiet community in Boca Raton, consider Rainberry Park.
If you want to see what's available in real estate in Boca Raton, call me:
Tali Wolder
561-866-9372
tali@floridianinternational.com
http://www.talisellsflorida.com/