Florida Home Insurance – Prices Reach Sky High
Due to the world economic recession a few of the main homeowners insurance Florida are planning to sharply advance the rates of home insurance for their customers from 8 percent to a staggering 15 percent. Read my latest blog posted at http://www.calgary-life-insurance.ca/how-to-get-cheap-major-medical-insurance-in-florida/
Many of Florida’s’ most reputable companies joined hands in these insane times and collectively proposed the new costs to the authorities that control the insurance market in the state. They believe that increasing the rates would help stabilize the money that is spent in each year by the company in paying out claims and other expenses as currently there are very few funds available to these companies; therefore, the only option left for them is to raise the prices.
The legislature passed a bill recently in favor of this stating that in the upcoming years a state committee will convene and analyze the procedure in which home insurance companies decide the prices that are presented to the clients and restrict insurance companies to not exceed these prices by more than 10 percent. One of the representative of the authorities, Tom Zutell, in a recent report said that the office “will of course follow the law and continue to have our actuaries diligently review all rate filings to ensure they are not excessive, inadequate or unfairly discriminatory.”
Universal Property and Casualty Insurance will be increasing the payments for insurance at an estimate of 9.8 percent. Universal, with almost half a million policies and one of the largest companies to offer home insurance in the area, has planned to move up to 10 percent in the following year. Its claim is to “remain competitive and grow in key regions.” Of all the home insurance companies homeowners insurance Florida, having numerous policies, has decided on an increase of an average of 14.9 percent which is by far the sharpest of all increases. The new percentage increase is different for people who own a house from those who rent one. The increase in renters’ rate of insurance is less than that of a person who owns a house or condo.
As long as the economy of the USA is in recession the prices will keep rising and, by the looks of it, this seems to be a long term issue. If you’re a homeowner in Florida and worried about how these rate increases might affect you try keeping up to speed on the latest info by searching online at specialized websites for the best rates possible for you in the coming months as these rate changes fully take effect.
If you’re worried about the cost of making the recommended home improvements, note that the My Safe Florida Home program allows recipients of the inspections to apply for a grant of up to a matching $5,000 to help them make home improvements. This means you can possibly save money on home upgrades, as well as get more affordable homeowner’s insurance in Florida!
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