The steep increases in homeowners’ insurance loom ever closer. According to a Sun-Sentinel article, homeowners may face rate hikes as 40% higher than what they are currently paying. Insurers have long warned that the fusion of court cases, assignment of benefits, and much more active storm seasons would lead to steep increases.
The article shows an example of a resident in Weston, Florida who opened her insurance renewal last month and was shocked to see that her premium had increased by nearly thirty percent. Despite having a home with lots of hurricane proofing and requesting that her agent find other options, there were no cheaper options available for the homeowner.
After a brief period of calm stemming from a 10-year lack of storms between 2006 and 2016, prices in South Florida have risen the past five years. After a brief period of calm stemming from a 10-year hurricane drought between 2006 and 2016, prices in South Florida have been the for the last five years. Unexpectedly high losses in 2017 and 2018 as a result of hurricanes Irma and Michael plus a relentless march of expensive incidents in northern and central Florida have all contributed to the skyrocketing costs.
This information is provided by Miami insurance attorney Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with one of our attorneys or an insurance lawyer Miami 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.