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Save Money After Your Florida Home Insurance is Cancelled by Michael Letcher
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Save Money After Your Florida Home Insurance is Cancelled |
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Insurance,Business,Finance & Investment
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At a time when you thought that most Florida homeowners insurance cancellations were behind us, new threats to your coverage are appearing on the horizon. And this new round of cancellations is happening at a time when Florida home insurance rates are about to go us as our economy continues to struggle.
To begin with, the largest private homeowners insurance company in Florida is still moving forward with its planned exit from the state. If that company leaves as planned, over 700,000 Florida home insurance policies will be cancelled.
Some of the newest Florida home insurance companies are cancelling policies in selective zip codes to balance out their risk or to comply with their reinsurance requirements.
More than a few homeowners insurance companies in Florida are moving forward with aggressive home inspection plans. If those inspections uncover issues that the companies were not aware of, your Florida homeowners insurance policy could be at risk of cancellation. That could include anything from a home in poor condition to one that is missing hurricane shutters.
Lastly, homeowner insurance rates in Florida are beginning to increase again - the majority will experience double digit increases.
If your Florida home insurance policy is cancelled here is what you can do to find new coverage.
For starters, don't panic. Florida law requires insurance companies to give you proper notice before cancelling your policy. That will give you adequate time to find new coverage before the 2010 Florida hurricane season.
Talk to at least five different independent Florida homeowners insurance agents about your situation. That will give you the best chance of reaching most of the homeowners insurance companies in Florida still taking on new business. While your present home insurance agent in Florida can give you some options, odds are that you won't be given access to all the companies capable of covering your home.
Look for Florida home insurance companies that have shown a willingness to cover older Florida homes. Some companies will not deny your home coverage due to its age if the major systems in your home have been updated.
Ask each Florida homeowners insurance agent to provide you with companies that are interested in covering homes in coastal counties and those near the coastline. Again some companies will cover your home near the coast if it satisfies their tidal water setback requirements and it has hurricane shutters.
Obtain a Florida home insurance quote from as many companies that want to cover your home as possible, and be sure that each quote contains the same coverage.
Determine the length of time each company has been selling homeowners insurance in Florida.
Research each company's records for customer service and complaints.
Ask your agent about the company's risk diversification across Florida and in other states as well. What you are looking for are companies that have spread their risk across a significant number of Florida counties and into other states.
Check out the financial ratings assigned to each company and the amount of surplus each company has available to pay claims. If you are considering two different companies that have the same financial rating, select the company that has a larger surplus and more risk diversification.
While it can be a shock to lose your Florida home insurance policy, don't lose your cool. Contact several Florida independent insurance agents and obtain all of the information described above. This will increase your probability of finding a new Florida homeowners insurance company if your coverage is cancelled.
Michael Letcher is a Fortune 500 executive and a licensed Certified Public Accountant. His on-line guide can help you find low cost Florida home owners insurance. Find secrets to low cost Florida insurance at => http://www.homeinsurancebuyers.org
Related Articles -
Florida home insurance cancellations, Hurricane Andrew, Florida home insurance company, Florida home insurance coverage, Florida home insurance rates, Flor,
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