It is critical to have quality property insurance that works in your favor, especially in the state of Florida. Unfortunately, it’s all too often the case that trying to navigate and comprehend your contract can be difficult and burdensome. Insurance carriers are constantly raising their premiums and writing exclusions into the policy which limits coverage.
Some policies are doing a disservice to the homeowner that they are often completely unaware of. This often is revealed after a catastrophe occurs and the homeowner is left footing the bill and coverage is underpaid due to exclusions or altogether denied. It is vital to understand what your coverage covers and does not cover ahead of time, so you know what costs you will be responsible for.
The Florida Property Insurance Landscape:
Some stakeholders are optimistic about a plan passed by the Florida Legislature to tackle the state’s property damage insurance. Still, others believe it will not cut rates in the next 18 to 24 months or halt the state’s out-of-control claims litigation.
This year’s quest to implement property damage insurance claim reforms went to the final, with Senate Bill 76 passing on the final day of the session. The law aims to address some of the problems afflicting the state’s home insurance market, which saw insurers lose over $1.5 billion last year. Customers perceive double-digit premium increases, limited coverage, or needing to depend on Citizens Property damage Insurance, the state’s insurer of last resort.
Immediately after the bill was passed, the state insurance authority granted three Florida insurers’ petitions to cancel more than 50,000 homeowner policies as the state prepares for hurricane season.
The passed bill includes modifications to the state’s one-way attorney fee legislation, Citizens’ eligibility and glide path, and the deadline for filing claims. It also introduces new criteria and constraints for roofing contractors.
However, two provisions identified by the sector and specialists as critical to addressing cost drivers and stabilizing the market were omitted from the final bill: the eradication of the state’s attorney fee percentage increase and a provision designed to allow insurers to implement policy statements to mitigate roof cost of repairs. The measures were a source of contention in both legislative houses.
Florida Property Insurance Distinctives:
Thousands of Floridians find it difficult to purchase and maintain property insurance, making it difficult to know how to handle various claims that may arise. Insurance claim firms that do business in Florida notify thousands of homeowners that their plans will not be updated. This is causing a lot of anxiety these days.
“Your property is an investment,” said Rotonda West resident Becky Ghrist. “You realize it’s a big investment, and you worked hard to get it, and you want to make sure it’s protected.” Ghrist received her notification in May. She has been looking for a new insurance company since that day. But the price is too high for her to bear. If organizations aren’t losing clients, they’re hiking their prices.
“Insurance carriers have been flooded with claims over the last three years, and that has been due to storms and hurricanes,” said Cindy Palmquist, a qualified insurance broker.
Day after day, Palmquist receives calls from consumers. They are in the market for a new home insurance claim policy. Many of them are unable to get work with a private company. That means they will have to use Citizens Property damage Insurance, backed by Florida taxpayers. “They’re expanding at a rate of roughly 25,000 policies per month,” said Mark Friedlander of the Insurance Information Institute.
You wouldn’t want to go into Hurricane Season without it. Some house insurance claims companies are canceling a number of policies with little or no notice to their consumers.
Becky Ghrist, a homeowner in South Florida, was stunned when her homeowner’s insurance company canceled her policy only weeks before hurricane season began. “This isn’t right. I assumed that was only occurring since my house was outdated, but that was not the case. “I’m learning that it’s affecting a lot of folks all around the state,” Ghrist added.
Thousands of Floridians are in the same situation. After being dismissed by many Florida-based companies are now looking for new home insurance claim providers after being dismissed. According to the Insurance Information Institute, this is due to insurers’ excessive spending, which cost them $1.6 billion alone last year.
These cases, combined with the costs of last year’s record-breaking Hurricane Season, put a strain on insurers. They are now attempting to reduce the danger by eliminating policies such as Ghrist’s.
If you’ve got a notification that your policy is being canceled, the Insurance Information Institute recommends speaking with your insurance claim professional to determine your alternatives before taking any actions.
The Ever-Changing Insurance Premiums & Policies For Homeowners
One Floridian, Paulina Venegas spends more time at home which means more time budgeting. “All we’re doing is keeping an eye on things and budgeting.” Venegas quit her job as a registered nursing assistant to keep her spouse safe. She claims that if he catches COVID-19, he has a slim chance of surviving. However, surviving on one salary is difficult, particularly after their homeowner’s insurance bill arrives.
“It just hit $600 more this year that we both flipped,” Venegas explained. The proposed price is over $1,900. The charge was roughly $1,300 last year, and she claims they never had a claim.
Among the most important things to do after a hurricane is to evaluate the damage to the property and possessions. After that, you’ll be able to get in touch with your insurance company. When there is considerable damage, and there is a lot of it, the very first thing you need to do is pull out your camera and record as many images from as many different perspectives as feasible. When the tornado ripped around Iona and other sections of Southwest Florida, many locals did not have homeowners’ insurance.
Another Floridian, Sheila Willis, says “she’s grateful that no one was harmed and that the two homes she owned sustained modest damage compared to the rest of her neighborhood.” If you have homeowners’ insurance, do everything you can to avoid more damage. Seal existing holes, for example, and pick up as much trash as feasible. Keep your receipts if you buy any tools to help you with the repairs.
Also, before hiring anyone to conduct anything for you, consult with an attorney or licensed public adjuster. Also, double-check your insurance policy. Based on the scope of the damage, you may be entitled to additional living costs or meals.
The Lynk Pros Way Forward:
Lynk Pros is dedicated to assisting you in navigating your property insurance. You should never be prevented from getting your home the care and attention it needs because of problematic insurance policies and regulations. In our network, there are licensed insurance agents, public adjusters, and attorneys who will provide you with a FREE policy review for adequate coverage. Additionally, you will also receive a FREE consultation on any previous or new claims identified.
In addition to helping homeowners navigate their policies, did you know that Lynk Pros also offers FREE property valuations for qualified homeowners?
Receive a FREE 100+ Point Property Evaluation & Bill of Health. No catches or hidden fees.
Our Customized FREE 100+ Plus Point Property Evaluation Covers:
Environmental: We test the water & air quality of your home for mold, contaminants, and hazardous living conditions.
Home Safety: Is your home hurricane ready? Do you know where your emergency cut-off valves are in case of an emergency?
Property Damage: We uncover hidden damages in 60% of the properties we inspect. Unattended, they can cause your home to lose value over time. This includes plumbing leaks, roofing leaks, windows & door leakage, as well as other unseen damage.
Efficiency: Are your appliances outdated, lacking maintenance, and or causing a surge in your water & electric bill? We examine emergency cut-offs (water. Electric, gas), identify fire hazards and extinguishers, test smoke/carbon detectors, storm preparedness, and more!
Insurance: Do you have the correct coverage in case of a storm or claim? Denied claim? Short pay? We offer a policy review to ensure that you possess adequate coverage.
Services: Get Access to our pre-vetted network of local experts to help you maintain the health and integrity of your home.
Our free comprehensive 100 point report comes with custom recommendations, an Accredited lab report, and Hurricane Safety Guide. Our FREE Property Evaluation and Reports come with no obligation from you to buy any services.
Once you have your report in hand, Lynk Pros can connect you with top-rated local service professionals who know how to get the job done. If you are curious or concerned about the health and safety of your home then reach out to us today to see if you qualify for our FREE 100+ Point Home Evaluation and keep your home in peak condition for years to come.
Connect with us today to see if you qualify for our Free Home Evaluation and experience the peace of mind that you and your family deserve.