Citizens Insurance of Florida Removing Valuable Coverage From Policies

Starting January 1st, 2012 for all new business and renewals, Citizens Insurance Company of Florida is removing coverage for all policy holders. In what many insiders see as a “first round” of coverage reduction, any structure attached or detached on the insured premises with different non-roof like material similar to that of the primary dwelling is being removed. This means screen pool enclosures or lanais, pergola’s, enclosed porches made of tin or other similar roofing will have zero coverage from any peril.

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Top FIVE Reasons Your New Florida Homeowners Insurance Policy May be Cancelled

Here is what you need to know if you purchase homeowners insurance. Florida residents face some of the highest homeowners insurance rates in the nation, and the hardest underwriting when it comes to policy acceptance. Almost all homeowners insurance companies that Florida residents have access to will complete an onsite inspection within the first 90 days after the policy effective date. For central Florida homeowners insurance policies, the rigorous underwriting process will apply as well. Read on to discover the Top Five reasons your policy may be cancelled within the first 90 days after your insurance agent binds coverage.

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Florida Homeowners Insurance Rate Increases Coming Soon

State insurance regulators approved more than two dozen home insurance rate hikes this summer ranging from 6 to 34 percent.

They ordered a rate decrease of 4 percent for Cotton States Mutual Insurance, which announced it’s leaving Florida last year, and decreases of 6 percent for First Floridian Auto and Home Insurance, Phoenix Insurance, Travelers Indemnity and Travelers Indemnity Co. of America.

American Integrity Insurance Co. of Florida, which has 102,091 home insurance policies statewide and 13,575 in Broward, Palm Beach and Miami-Dade counties, received 14 percent increases for two types of homeowner insurance policies it offers. Security First Insurance, with 119,205 policies statewide and 21,025 in South Florida, received a 9 percent increase for its homeowners multi-peril policies. And Universal Insurance Co. of North America, which has 81,834 policies statewide and 11,420 in South Florida, received a 12 percent increase for its homeowner property insurance policies.

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What Is An Umbrella Policy and Why Should I Carry One?

Personal Umbrella insurance Tampa residents have access to is additional liability insurance, designed to pay out on top of your existing auto and homeowner’s/renter’s insurance policies. For example, you may only have $300,000 in liability coverage on your car insurance. If you are hit with a claim of $1,000,000, you would be on the hook for $700,000 yourself unless you had an adequate umbrella insurance policy. Here is a diagram explaining this from MSN Money:

umbrella-infographic

In addition, an umbrella policy can also “fill in the gaps” by providing coverage for other incidents like liability for rental properties or being sued for slander or libel. Imagine working and saving for decades, only to have all of it taken away with one incident. Here are my reasons for buying an umbrella policy.

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What Is a Wind Mitigation Inspection?

For our first blog, I wanted to bring information to people that will help them save money on their home insurance without removing/ reducing coverage on the  policy. 

If your home was built between 1980-2001 or any age home if you put a new roof on in 2010 or later, immediately complete a wind mitigation inspection. Passed by Florida’s legislature to reward homeowners who have built homes to better withstand wind, this normally $75-$100 one time inspection will put a smile on anyone’s face once they see the premium reduction to their policy.

So what does this inspection involve and will my home qualify? The wind mitigation inspection is primarily concerned with when the roof covering  (shingles, tile etc) were installed (2002 and after gets a credit), roof deck attachment (how the roof’s decking was attached to the truss below, ie. nails or staples) and how the roof truss is connected to the walls of the home.

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