- 16 Aug
Florida Homeowners Face Substantial Insurance Rate Hikes
If you’re a Florida homeowner, you should be prepared for a potentially steep increase in your flood insurance bill. A two-year reprieve intended to prevent steep premium increases has expired, and there is a strong likelihood that bills will double or even triple within the next couple of years. Next year, Congress will be reviewing the flood insurance program, which begs the question: should Florida’s congressional delegation ask for fairer treatment?
Florida currently has about two million federal flood insurance policies, more than any other state in the country. Of the more than $40 billion that have been paid out in claims, Floridians have received less than $4 billion. Should homeowners and businesses be receiving discounts instead?
For the time being, it seems homeowners will have to deal with continued rate hikes which are expected to range from nine to over twenty percent a year. Homes built prior to 1975 that have received subsidized rates will also be facing substantial premium hikes.
This information is provided by Miami insurance attorney Alonso, Perez & Santos, LLP. Our areas of practice include bankruptcy, insurance litigation, debt harassment, credit card defense, foreclosure defense, immigration law, condominium law, business start-ups, and more. Call 305-676-7545 to speak with one of our attorneys and receive a free consultation We look forward to working with you.
This information is provided for educational or informational purposes only and should not be construed as legal advice. The information is not provided in the course of an attorney-client relationship and is not intended to substitute for legal advice.