Homeowner’s Insurance Still a Problem, Too

The Florida Legislature is consumed with dealing with the problem of rising property taxes, and their impact on Florida mortgage payments.

Rightfully so.

However, with the focus shifting squarely to property taxes, scant attention has been paid to the rising cost of property insurance premiums, which continue to hamper citizens, writes a concerned Boca Raton resident.

In the Sun-Sentintel, she laments her how current homeowner’s insurance situation has gone so awry. After a stunning 55 years with one carrier, she learned that her property insurance policy won’t be renewed.

A substitute policy, with another company sponsored by a former insurer, will cost approximately three times the premium now being paid.

This, despite the fact that the author’s automobile insurance policy has, likewise, been with the same company for a similar period of time.

Not exactly the way to ensure affordable Florida home mortgage payments for those already struggling with taxes and housing prices.

Recently, the Legislature provided for a limited jump in property insurance rates to a reasonable level. The answer from the author’s insurer was to non-renew 106,000 policies in Florida.

All policies in her ZIP code (comprising Boca Raton) without exception and regardless of claims history, were to be dropped in due course.

Legislators must be made aware of this intolerable situation.

Unless this is addressed, and in a timely manner, do not expect the Florida housing market to be alleviated any time soon. Current and would-be buyers will continue to be brushed aside.

SOURCE: The Sun-Sentinel