Florida homeowners grappling with escalating property insurance costs receive guidance on navigating premium hikes or policy cancellations. Insurance agents recommend proactive measures, urging homeowners to understand premium increases, explore alternative coverage options like Citizens Property Insurance Corp., and consider upgrading hurricane deductibles to manage costs.
“We need to complain to our legislators, to our governor, to our senators, to our congressmen. They need to do something.”
Helen Borrero, Agent, Shoreline Insurance in Palm Beach Gardens
Credits for home improvements can offer savings, but experts emphasize prioritizing home protection over insurance discounts. In the event of coverage cancellations, communication with insurance agents is crucial, as they guide homeowners through necessary inspections and facilitate the shopping process.
Key Takeaways:
- Many Florida homeowners face rising property insurance premiums, leading to financial strain and tough decisions. Insurance experts stress the need for proactive measures in response to renewal hikes or policy cancellations.
- Insurance agents advise homeowners to explore options, understand premium increases, and consider upgrading hurricane deductibles to mitigate costs. While the market is limited, shopping around, particularly with state-run Citizens Property Insurance Corp., may provide alternatives.
- Credits for home improvements, such as alarms, hurricane-resistant features, and wind mitigation inspections, can lower premiums. However, experts caution that the cost of upgrades may outweigh the savings, emphasizing the importance of investing in home protection rather than insurance discounts.
Advocacy for policyholders is highlighted, with calls to engage legislators and officials for necessary reforms to address the ongoing insurance challenges in the state.
Check out the whole article here: Navigating Property Insurance Challenges in Florida: Tips for High Premiums or Dropped Coverage