I see where Citizen’s Property Insurance is talking about yet another proposed increase in insurance.  This time they have requested another rate hike on top of the almost 26-percent rate hike expected to take place Jan. 1, 2007.   The cost of homeowner insurance in South Florida is frustrating homeowners and causing some to leave the state.  Florida legislators are going to be meeting and coming up with propositions for insurance reform. 

According to The South Florida Business Journal, the insurance reform committee created by Gov. Jeb Bush has recommended 50 measures to help with the spiraling insurance costs.  I looked over the recommendations, but the bottom line is that the State is going to try to pick up some of the slack, which really just translates into “all Floridians”. 

Our homeowner insurance has also increased and we do not live in South Florida nor do we own waterfront property.  Currently, we are getting quotes from other providers, as our insurance is up for renewal and we are trying to see if we can get better rates elsewhere.  We do not pay our property taxes and insurance through escrow with our mortgage company.  Instead, we save the money ourselves through the year, and then pay the bills ourselves when they come due.  We did this because we had trouble with our mortgage company calculating the escrow amounts properly and many times they did not pay the property tax bill at the earliest date where we could receive a discount.  Another benefit of paying these bills ourselves is that it keeps us very aware of what our property taxes are as well as what the insurance rates and coverage are for our home. 

 

If you liked this article, please
Subscribe

Share This