Home Owners Insurance In Florida

Citizens suspends writing $1 million policies

Jbillings@lbknews.com

Insurance agents received notice Tuesday afternoon that Citizens would no longer write policies for homes valued at more than $1 million.

Legally, all homes must be insured at 100 percent replacement cost. Insurance companies, including Citizens, use a Replacement Cost Calculation performed by the insurance agency, which can include home inspections. A policy will be cancelled if the calculation and policy does not match.

For certain reasons many homeowners wish to keep their home values under $750,000 because over that value a homeowner must have window protection. Window protection is either in the form of hurricane shutters on all home openings, including windows, doors, garage doors and skylights, or hurricane safe glass in the aforementioned openings.

Effective Feb. 1, 2012, Citizens will no longer write new policies for more than $1 million, and effective May 1, 2012, Citizens will not renew any policies already in place for homes worth more than $1 million. This affects all island and barrier island homeowners.

Sandra and George Ceshker, owners of Longboat Key’s Secur-All Insurance, said they have found alternative markets that can provide homeowners with the coverage they need.

“In the state, as a whole, insurance in the past year has increased anywhere from 20 to 60 percent. Our home’s coverage has increased 40 percent this year,” said Sandra Ceshker.

The state’s Citizens Property Insurance Corporation was created in 2002 by the Florida state government to provide property insurance for homeowners who could not obtain insurance elsewhere. It is a government-owned, not for profit insurer of last resort.

Since taking office Florida Gov. Rick Scott has publicly voiced his disdain for the state-funded insurer. Under a plan approved in December, Citizens will have the power to raise its rates more quickly and would allow the insurer to charge more to policy owners in higher risk areas of the state, like along the beach.

Quote Insurance – Home Owner Insurance Quote in Florida ...

Beach-side condos are hot properties in sunny, warm states like Florida. They are no different than in traditional houses as they are at home. They are no different in this house in Florida homeowners insurance quotes should, too. Before you start looking for a landlord insurance quote in Florida, you learn about some facts about the purchase of insurance for condominium owners.

- Quote Insurance

Select an insurance company owner and agentsSpecialize in insurance for condominiums. Home owners insurance policies for owners of condos in Florida are different home insurance policies for traditional houses, there are special factors into account and to buy coverage.

There are also several add-ons and endorsements available. An agent who knows the ins and outs of landlord insurance policies for condominiums is in purchasing the best policy for yourself and your home is crucial.

- Quote Insurance

Know what types ofLandlord insurance you buy for your condo. When buying rental insurance in Florida, you need a quote for insurance that covers you and your property, as well as the assurance that the areas where you get together with other residents at the condominium complex cover. This will normally be the master policy and specific information about your particular master directive is received from the homeBoard.

Do you understand what you will be responsible for.

Living in an apartment means that all public spaces in the complex as your responsibility, because they are responsible for your neighbor.

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