Homeowner Insurance Companies Florida

Commentary: Don't penalize company for wanting to help victims

For some Florida homeowners, the housing/foreclosure crisis isn't the only problem they face. These homeowners also confront another calamity - defective, Chinese-manufactured drywall installed in their homes during the housing boom.

In an effort to fix the problem, attorneys have brought lawsuits against virtually every entity involved in the chain of manufacture and delivery of the defective drywall - from the German-based conglomerate responsible for manufacturing the drywall, to the importers of the drywall, to the suppliers of the drywall, to the installers of the drywall and to the companies that built and sold the homes.

While nearly all the companies involved have not settled the homeowners' claims, one small, Florida supplier that has served the construction industry in this state for 58 years - Banner Supply Co. - has agreed to globally settle the claims against it, even though Banner did not create or manufacture the drywall.

Banner's nearly $55 million settlement is the totality of its insurance. Financially, the company has been devastated by the fallout from the Chinese drywall claims, forced to pay large legal bills, dramatically decrease the number of its employees and close locations.

In announcing the settlement, Banner stated that it did so to bring resolution for its customers and the homeowners, because prolonged litigation would not have helped either. In a statement, the company said, "Our business has thrived for over 58 years because our customers have trusted us.

Unfortunately, this first of what is expected to be many settlements is being misrepresented in the media by lawyers who will apparently profit from opposing it. Recently, a column by one of these lawyers appeared in The Palm Beach Post. These lawyers want homeowners to opt out of the settlement and file individual claims in state court.

Contrary to the assertion of these lawyers who have continually made misstatements about the value of the settlement to their homeowner clients, this resolution does not represent the totality of the money that will ultimately be available to compensate homeowners for the defective drywall.

Find Low Cost Insurance For a Tampa Florida Coastal Home | latest ...

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Finding low cost Florida home insurance can be difficult no matter where you live in the state. The situation is worse because most national companies will no longer cover homes here. Currently, only 40 companies out of over 400 that are licensed to write home insurance are still accepting new business in Florida.

If your home is located in a Southern Florida coastal county, it is even harder for you to find coverage. Most southern coastal counties have an average of approximately 25 companies currently writing new business – and the closer your home is to the water, the number of companies that are willing to cover your home drops off dramatically.

Many Florida coastal homes end up seeking coverage with Citizens Property Insurance Corporation where they are subject to higher premiums and special assessments. However, the fact that you own a Florida coastal home doesn’t always mean that insurance will cost you more. You can find other affordable options to cover your Florida coastal home if you know where to look.

While there are many factors that can affect your ability to find insurance for your Florida coastal home including its age and construction materials, the two main considerations are whether your home is located in the Citizens Wind Pool and the underwriting guidelines being used by private Florida home insurance companies for coastal homes.

The Citizens Wind Pool refers to the coastal areas across the State of Florida where homeowners are eligible to get a policy from Citizens Property Insurance Corporation (the state run insurance company) that specifically covers wind damage. Homeowners that live in the Citizens Wind Pool have two policies covering their home: one from Citizens for wind and another from a private home insurance company that covers losses from all other perils such as fire. In general, the Citizen Wind Pool includes the areas up to 1000 feet inland from the Florida coast in most counties along with the barrier islands. It is somewhat larger in Palm Beach, Broward, and Dade Counties since it extends from the coast all the way to Interstate 95.

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