Based on the legislation that Governor Crist signed, the answer is “it depends”. The homeowner insurance situation here in Florida is very complex, and the legislation that is going into effect is as complex. Savings will depend on the following factors:
1. Who the homeowner insurance is currently with and where the property is located. Coastal properties who have seen their rates rise the most, will most likely see some relief, although it remains to be seen just how much. I do not think that majority of people are going to be seeing a 40% reduction.Â
2. If you reside inland and your property is not insured through Citizen’s Insurance, your rate may only drop by 7% (if at all).
On the other hand, I can foresee the situation where homeowner insurance rates are going to increase uniformly around the state for those who have private insurance (not Citizen’s) due to the fact that all Florida property owners are on the hook to pay for any deficits in Citizen’s. If we have another bad hurricane season, then we’ll wind up getting more assessments to pay for it. Assessments were already included in last year’s homeowner insurance premiums under private insurers and will be in the coming year as well. Even our auto insurance contains an additional 1% assessment this year for the Florida Hurricane Catastrophe Fund.Â
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