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Florida Home Insurance Market

          Florida's Home Insurance market has been a bit of a wild ride for most lately.  In 2021 it seems most Floridians have received notices that their home owners rate would be going up or even non renewing often not at fault of their Insured but due to increasing risk exposure. First, let's clarify exactly what is contributing to Risk Exposure. I have lived in the state of Florida for over 20 years. Hurricanes are nothing new here, they've been a part of Florida going back to at least 1495. So why all of a sudden are these Hurricanes costing Florida Home Owners such a fortune? While they certainly contribute to rising cost of insurance, we're not getting hit with more Hurricanes than we ever have before despite what your news broadcast may tell you.  The truth is, they're far from the only factor.

             The main culprits? Rising Litigation Costs & Fraud.  Chances are in the last week you've seen atleast 3 lawyer advertisements on televeision telling you how they're here to help you and fight the big evil insurance companies. This isn't quite the case. In truth, these firms will look for anyway possible to make the insurance company legally liable for damages even when damages are caused by lack of maintenance by the Home Owner.  I think we can all agree if you own a home you take the responsiblity of taking care of your property.  What these firms are doing is finding people who have neglected their property for close to 20 years now all of a sudden that roof caves in and they want the insurance company to pay for it. This sets up the entire concept of insurance for failure. Why? Because part of any insurance contract states BOTH parties are responsiblie for avoiding risk. If we allow ourselves to carelessly avoid things and then pursue lawsuits once they occur this basically puts it all on the insurance companies. Sounds great right? Not when your rates sky rocket as a result. 

               Another culprit is the rise of fraudlent claims and theft. We all know in Florida people sometimes look at the insurance company like a piggy bank when they have the chance. This is beginning to add up. Add to the rise in property crimes(vandalism, theft) and it keeps adding up. So what can be done about this? This is where we will come in. We'll look at your policy, explain each coverage and see where you're either under insured or even over insured.  No matter your situation, the right agent can always make it better. This is why finding the right agent is important. Anyone can sell you a policy, but not everyone will help you with a policy.