After years of declining prices, Home Insurance companies in Florida are raising rates again!
This increase in premium has been attributed to recent increases in claim payments. Why are claims payments increasing? Most insurance companies are attributing these increases to contractors who are convincing homeowners to assign their policy benefits to that contractor. As a result, a "shady" contractor is able to inflate the claim to cover items that weren't damaged by the peril that caused the claim. If a company challenges this inflated claim, they find themselves in court - sued by the contractor's attorney who adds his or her own fees to the total.
When you add up the extra items being claimed, and the cost to defend these suits, the amounts companies must spend on claims is drastically higher. The cost of these inflated claims is now being passed to all policyholders in Florida. Once again, we find ourselves paying for the sins of others through increased prices.
Citizens, the largest Home Insurer in the state, has been hit hard by these Assignment of Benefit claims. In an attempt to close some loopholes, they were the first company to change their policies' claim provisions in order to curb the worst abuses of these types of claims.
Please visit our blog: "New Changes to Citizens Home Insurance" for specific details regarding these changes.
As a result, it's becoming increasingly difficult to find cheap home insurance. More than ever, its vital that you shop your Home Insurance to find the best home insurance price.
Request a quote from Cronin insurance Agency, and we'll shop a dozen carriers in search of a better rate.
Most of our clients save 10% or more on their Home Insurance simply by shopping
Shop your Auto, Home, Business, and Life insurance at Cronin Insurance - where you'll always find low rates, choice of companies, and personal advice from local agents.
If you're interested in getting a quote, click below: