New homeowners that have a mortgage on their home must also have a homeowners insurance policy in place to protect their investment. For many homeowners that have paid off their mortgage, however, they are choosing not to continue with their insurance coverage, according to an NBC 6 Miami news story published last month.
This can prove to be an incredibly risky decision.
In one example mentioned in the article, a Hialeah couple paid off their 30-year mortgage only to lose their home and the majority of their belongings within minutes after a fire broke out. Their options for government assistance are limited.
Per the US Census Bureau’s American Housing Survey, just over twelve percent of Florida’s owner-occupied homes are going without insurance. Here in Miami, a little more than fourteen percent are uninsured.
Florida homeowners pay some of the highest insurance premiums in the country, and the greater odds of a hurricane are among the many reasons why.
Going without insurance is a highly risky move, especially in South Florida where storms are so common. You can read more at the following link: https://www.nbcmiami.com/news/local/Thousands-of-Floridians-Arent-Insuring-Their-Homes-506344651.html.
This information is provided by Miami insurance lawyer Alonso & Perez, LLP. Our areas of practice include bankruptcy, insurance litigation, foreclosure defense, immigration law, and more. Call 305-676-7545 to speak with a Miami property insurance lawyer 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.