Health Insurance Forum

Homeowners Insurance

by mahir on 14/07/10 at 2:04 pm

The last few hurricane seasons have been relatively quiet. No major storms have impacted the area, but that’s not translating into lower homeowners insurance rates, which are quietly and steadily on the rise.Despite Mother Nature giving the insurance industry a reprieve after several brutal hurricane seasons, insurance rates will go up no matter how many storms do/don’t hit.

Customers are caught in a skirmish between insurance companies looking for more money and financially strapped Florida homeowners fighting unsustainable costs for insurance. Legally, insurers can’t automatically boost rates more than 15 percent each year, but they can apply for smaller hikes.In most cases, state regulators are allowing insurers to raise rates rather than face the risk of more companies leaving the state.

Dulce Suarez-Resnick of NCF insurance says five big companies already went out of business statewide and more than 100,000 consumers were forced into finding new policies on May 1st. She said insurance companies are also now choosing safer, mid-state policies rather than riskier South Florida homeowners.

“The more companies go out of business, the more homeowners will be forced into looking for more coverage and rates will continue to climb. The problem is getting worse,” Resnick-Suarez said.So, how can South Floridians cut those growing bills? Consider raising your deductibles and paying more of your out-of-pocket expenses. Combine policies like car and homeowners coverage with one company to get even cheaper rates.