Home Insurance Rates are Rising…

If you had not heard the term “depopulation” before, it is probably very much in your vocabulary now. Many Florida homeowners were assigned to Citizens in recent years due to the mass exodus of insurance companies from the state. However, new regulations have led to companies coming back to Florida to offer coverage for those who qualify.

Citizens allows those companies to bid on your insurance policy. If you receive two or more bids, you receive a depopulation notice and get the opportunity to select which company you will go with. Of course, most homeowners will select the more affordable of the two. But if only one company bids, your policy automatically switches to the new company at the new rate and you have no choice.

So what does this mean for homeowners and insurance rates?

For most homeowners currently insured by Citizens, an increase is in your future. Citizens offers premium coverage at discounted rates. These new companies have no such obligation and therefore are free to charge at a premium for your policy. If only one company bids, as they say in my kids’ school: “you get what you get, and you don’t get upset”.

We work with a great insurance company who can possibly help. If you have received a depopulation notice or if you are interested in shopping your home or property insurance, we can help.

Email us at info@Amador.RealEstate or contact Nadir Schilling at Univista Insurance via email at  N.Schilling@UnivistaInsurance.com