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If you’ve enjoyed the past three mild hurricane seasons in Florida, prepare for a tough year.
First, further rate hikes are on the way. Depending on where you live. Florida largest homeowners insurance company of last resort will increase you up to 10%.
Private homeowner insurance companies in Florida have received rate increases in the 12 to 55% range.
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These rate increases may not affect you. But they happen in one of the worst economies of our lives. Additionally, Florida recently passed Texas with the highest home insurance rates in the nation.
So a 15% increase could be a very nasty surprise, on top of an annual premium that is high from the start. While these are average rate increases, expect to pay a lot more if you live in South Florida counties like Dade, Broward, or Palm Beach.
Homeowner Insurance Policy Cancellations
Homeowner policy cancellations will continue to occur in Florida in the coming year.
The largest private home insurance company in Florida recently received approval to cancel 1,38,000 policies over the next two years.
Late last year, another national airline received approval to drop 62,000 policies. Again, there could be a lot more cancellations in larger areas like Miami, Tampa, and West Palm Beach, especially for older and coastal homes.
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Look out for fewer discounts in the coming year. Fewer discounts increase the already approved 12 to 75% rate increases.
Some of the discounts your company may discontinue including discounts if you’ve never made a claim or if you’ve purchased more than one type of insurance from that company.
Last but not least, Florida home insurance companies are concerned about the discounts you can get for replacing your roof or installing hurricane shutters.
If they manage to challenge these discounts at the upcoming Florida Legislature session, you could end up paying a lot more.
Florida Home Insurance Company
Homeowner insurance companies in Florida are starting to fail at an alarming rate – especially since there have been no hurricanes in the past three years. In the past twelve months, three companies ran out of money and were taken over by the state.
Over the past year, over 50% of all active Florida home insurance companies in Florida have lost money. As a policyholder, you might be less interested in that.
But you will when these companies don’t have enough cash to pay for your major hurricane claim.
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Even in the year ahead, it will be difficult to find multiple homeowner insurance companies willing to insure you. Aside from the fact that the larger companies continue to cancel policies, new businesses are not being launched fast enough to fill the void.
The hardest homes to capture are older homes, seaside homes, and timber frame homes. It will also be difficult to obtain cover in the sinkholes of Pasco, Hernando and Hillsborough counties.
All of these developments mean that you should expect Florida home insurance to cost more this year while it continues to be hard to find.
Worse, you could be paying high home insurance rates and still end up with a company that doesn’t have the money to pay for your next Florida hurricane claim.
Buy Home Insurance in USA
More than ever, it is important that you don’t buy Florida home insurance just for price. If you do, you can only blame yourself if you fail to get paid after the next Florida hurricane home insurance.
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- Best Homeowners Insurance Florida Quotes and Rates Save Up To 75% to 80% Discount.