Citizens Insurance’s upcoming rate hike affects thousands of Florida homeowners

Citizens Insurance’s upcoming rate hike affects thousands of Florida homeowners

BOCA RATON JARVIS WPBF, 25 NEWS. NEW SIX MANY PEOPLE IN FLORIDA WILL GET A BILL CITIZENS WON’T LIKE PROPERTY INSURANCE IS SET TO RAISE PRICES FOR MOST OF ITS CUSTOMERS THE STATE INSURER WAS THE PLACE. YOU GO AS A LAST RESORT WHEN YOU CAN’T GET PRIVATE INSURANCE. TERRY PARKER IS WORKING ON THE STORY FOR US AND TERRY A LOT OF PEOPLE ARE CONCERNED ABOUT IT. WHAT DO YOU STUDY? WELL WE’VE BEEN TELLING YOU ABOUT THIS FLORIDA INSURANCE CRISIS SINCE LEGISLATORS EVEN HAD A SPECIAL SESSION ON IT LAST YEAR AND CHANGED SOME RULES BUT NOT ENOUGH TO STOP YOUR SPIRALIZATION OF COSTS. WITH MORE INSURANCE COMPANIES GOING OUT OF BUSINESS OR NO LONGER WRITING POLICIES IN FLORIDA, MORE AND MORE PEOPLE ARE DRIVING TO THE STATE CITIZENS INSURANCE OF LAST RESORT, BUT HOLD ON, CITIZENS HAS BEEN APPROVED FOR 6% INCREASE STARTED IN SEPTEMBER FOR MANY CUSTOMERS. SO CALLS ARE CONSTANT. THEIR DAILY IS YOU KNOW I DON’T KNOW WHAT I’M GOING TO DO. I WILL SELL MY HOUSE. I DON’T KNOW WHAT I’M GOING TO DO AGAIN AND IT’S NOT JUST PEOPLE WHO LIVE IN LOWER VALUE HOMES A LONG TIME INSURANCE BROKER. GREG BUCKS SAYS MANY OF THESE CONCERNED HOMEOWNERS HAVE CIVIL INSURANCE, BUT MANY ARE CALLING BECAUSE THEIR PRIVATE INSURER IS RAISING THE RATES EVEN MORE BY 30 TO 50 PERCENT. WELL THE CITIZENS ARE RAISING THE RATE STILL BELIEVE IT OR NOT. MAYBE A BETTER DEAL FOR OUR CUSTOMERS. What is the owners of Florida homes already paying nearly three times the national average for home insurance insurers have been uploading prices because of past claims for damage from a hurricane and a strain of fraudulent claims in the last few years, many leading to the court claims and a lot of guarantee and a lot of the court claims RECOVER YOURSELF BY RAISING YOUR RATE. PEOPLE HAVE THIS IDEA. OH I CAN ALWAYS GO TO CITIZENS. WELL JUST LET IT NOT BE TRUE BECAUSE THEY HAVE A LIMIT TO WHAT THEY WILL ACCEPT. THEY DO NOT WANT. HIGH VALUE HOUSING. THEY WANT THIS TO BE THE PLACE FOR LATEST INFORMATION AND THE PROPERTIES THAT THEY’RE GOING TO INSURE, THEY WANT TO BE, YOU KNOW, PROBABLY SAYING 500 AND LESS. HM BUCK SAYS THE BEST THING YOU CAN DO IS START DOING IMPROVEMENTS ON YOUR HOME AND NOW MAYBE GET A NEW BOILER TO REPLACE SOME TILES. CHECK YOUR PLUMBING LINES AND THEN KEEP ALL YOUR OCCUPATIONS AND IF YOU CANCEL AND NEED TO FIND A NEW INSURER THEN YOU CAN PROVE YOUR HOME IS NOT IN GOOD CONDITION. WE ALSO RECOMMEND YOU MAY WANT TO START SAVING MONEY FOR A HIGHER

Citizens Insurance’s upcoming rate hike affects hundreds of thousands of Florida homeowners

Experts say the state-run insurer is still cheaper than private companies

As more and more insurance companies go out of business or no longer write policies in Florida, more and more people are turning to the state’s insurance of last resort, Citizens — which in June was approved for a 6 rate hike that could begin in September for some customers. “So the calls are constant, they’re daily, they’re, you know, ‘I don’t know what I’m going to do.’ I’m going to sell my house. I don’t know what I’m going to do,’ and it’s not just people who live in substandard housing,” said realtor Greg Buck, owner of National Risk Experts. insurance, but many call because their private insurer raises rates even more – 30-50%. “Well, the rate hike for Citizens is still going, believe it or not, it might be a better deal for our customers than what’s out there,” Buck said. Florida homeowners already pay nearly three times the national average for home insurance. Insurers have been raising rates because of past hurricane damage claims and an abundance of fraudulent claims over the past few years, many of which have resulted in lawsuits. That costs the insurers money, and they then try to recover by raising your rates.” So people have this idea, “Oh, I can always go to Citizens.” Well, that’s just not true. Because they have limit on what they’ll accept. They don’t want high value homes. They want it to be the place of last resort. And for the properties that are going to be insured, they want them to be probably, say $500,000 and up little,” Buck said. In The Know: Why Your Homeowner’s Insurance Policy Rate Is Going Up What You Can Do Buck said the best thing to do is start making improvements to your home now ; you might get a new water heater, replace the shingles, check the water lines. He said most claims are from water damage, and insurers often limit those claims to $10,000 — which can be far below your cost if your home flooded by leaking pipes He also recommends that p Bring your receipts in case you need to find a new insurer so you can prove your home is in good shape. And he says that while it’s tough in this time of rising inflation, you might want to start saving money for higher insurance costs. Palm Beach County: The Rental Assistance Program is officially reopening

As more and more insurance companies go out of business or no longer write policies in Florida, more and more people are turning to the state’s insurance of last resort, Citizens — which in June was approved for a 6 rate hike that could begin in September for some customers.

“So the calls are constant, they’re daily, they’re, you know, ‘I don’t know what I’m going to do.’ I’m going to sell my house. I don’t know what I’m going to do,’ and it’s not just people who live in substandard housing,” said realtor Greg Buck, owner of National Risk Experts.

Previous coverage: Property insurance companies seeking higher rates for homeowners

Buck says many of these worried homeowners have public policy, but many are calling because their private insurer is raising rates even more – 30-50%.

“Well, the Citizens rate hike still, believe it or not, may be a better deal for our customers than what’s out there,” Buck said.

Florida homeowners already pay nearly three times the national average for home insurance.

Insurers have been raising rates because of past hurricane damage claims and an abundance of fraudulent claims over the past few years, many of which have resulted in lawsuits. This costs insurers money and then they try to recoup by raising your rate.

“So people have this idea, ‘Oh, I can always go to Citizens.’ Well, that’s just not true. Because they have a limit to what they will accept. They don’t want high value housing. They want it to be the place of last resort. And for the properties that are going to be insured, they want them to be probably, say, $500,000 and under,” Buck said.

In the know: Why your homeowner’s insurance policy rate went up

What can you do

Buck said the best thing to do is start making improvements to your home now; maybe get a new water heater, replace the shingles, check the water lines.

He said most claims are from water damage, and insurers often cap those claims at $10,000 — which could be far below your costs if your home is flooded by leaky pipes.

He also recommends keeping your receipts in case you need to find a new insurer so you can prove your home is in good shape.

And he says while it’s tough in this time of rising inflation, you might want to start saving money for higher insurance costs.

Palm Beach County: The Rental Assistance Program is officially reopening

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