South Floridians were benefited with leniency earlier in the month when Tropical Storm Emily was weakened by its bout in the Caribbean. Only four months remain in hurricane season – one that was forecasted as being highly active – and no significant storms have yet reached the state. Despite the seemingly benign activity in the Atlantic and Gulf of Mexico, insurers are warning residents of Florida to not be caught off guard, as a powerful storm can make landfall at any time. Spurred by this advice, and the recent disasters…
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Rates for homeowners insurance are on the rise
Homeowners insurance rates are expected to experience a notable increase following a year that has seen significant severe thunderstorms and tornadoes, and where forecasts predict that the 2011 hurricane season will be more active than the average. In fact, in areas where the storms have been the most damaging, policyholders may find themselves paying up to 20 percent more to their insurers. Though some homeowners are counting on a lower increase because the value of their homes have decreased, it is important to recognize that it is not the market…
Read MoreDestructive weather and natural disasters makes shopping for homeowners insurance a challenge
The variability of destructive weather forces from one state to the next has meant that homeowners can expect the property insurance marketplace to be quite complex, and they will need to do their homework in order to choose the best policy. According to vice president Don Griffin of the Property Casualty Insurers Association of America (PCI), the variability in severe weather among the states and within the states makes it “worthwhile to do comparison shopping from time to time to make sure the premium you are paying and the coverages…
Read MoreFlorida Insurance: Controversy over new property insurance bill
Florida Governor Rick Scott has been the subject of public scorn recently after pressuring the state’s lawmakers to form a bill that would significantly cut the number of policies that could be written by Citizens Property Insurance Corp. Scott has voiced his determination to reduce Citizens’ role in the state’s insurance industry for some time. He denies that his goal is the closure of the insurer, however. The Governor says that he recognizes the value of the insurer but insists that some changes need to be made to justify its…
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