yourEadvisor.com

While we're all for ways to lower costs in this increasing rate market, the insurer of last resort shouldn't be priced as an insurer of first resort. Crazy market...

"Citizens Property Insurance Corporation, Florida’s insurer of last resort, lost out last week on its attempt with regulators to apply actuarially-sound rates to its new customers, while allowing existing policyholders to continue enjoying a legislatively-set 10% rate hike cap. The company also had its proposed rate increase on multi-peril homeowners insurance cut almost in half."

https://lisamillerassociates.com/newsletter-story/regulators-reject-citizens-rate-cap-request/

You can definitely call it a wild market.

"Which leads us to the very same 3 points that many knowledgeable insurance professionals have been sharing with us for months now and that we share with you here:

Price. Consumers have seen the price increases in their mailbox and additional increases are sure to follow if the legislature doesn’t act. Many insurance companies are projecting double-digit yearly increases for the next several years. One company reports a cumulative price increase over 100% since 2017. The bulk of these increases are only required to cover the increased costs of litigation, most of which is driven by Florida statutes which favor attorneys.

Choice. As the number of companies writing business decreases there is less competition which usually leads to higher prices and fewer choices for customers with good risks.

Availability. If you have a single roof over ten years old, your only available coverage will be Actual Cash Value. If you have a home built prior to 1980 the only coverage you will be able to get will exclude water damage. If you live near the coast, the state-backed Citizens Property Insurance might be your only option because of the cost of reinsurance. You can thank the roofers and attorneys for those restrictions in coverage."

https://lisamillerassociates.com/newsletter-story/trying-to-refute-the-irrefutable/

Want to see new homes for sale? Check out our FB group here: https://tinyurl.com/YEAHomes

We will allow posts of homes for sale from Realtors or Brokers as well as from those looking to purchase a new home in Florida! Please share!

If you need homeowners insurance, please follow the link below for a quote within the hour (powered by our sister company, Insurance Network) -OR- call 727-755-0673 and hit Option 2! With over 50 carriers to quote with, we will put your clients in the best spot in Florida (and soon TX)!

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No thank you.

Democrats contend the reform ignores consumers.