Citizens’ downsizing goal is hitting hard those with less resources: the elderly. One of the reasons (if not the main reason) for the soaring premiums of Citizens Property Insurance Corp. is to prompt those who cannot afford it to move on to the private market. However, according to the miamiherald.com, the rising premiums and deductibles are prompting senior citizens who have fixed, low incomes to drop insurance altogether…
No Insurance Coverage?
As opposed to the majority of homeowners, who are required by their mortgage companies to insure their properties, senior citizens are more likely to own their houses and therefore not be required to insure those properties. Is it a risk worth taking?
Insurance is about uncertainty. If we knew when or if disaster is to strike, there would be no need for insurance…At least not most of the time. However, since the charm of a linear existence lies with the unknown, insurance is a necessary evil we must endure. Nonetheless, when premiums are elevated beyond our means and deductibles raised so as to make it unlikely that the insurer will have to pay in case of disaster, math may dictate that it makes no sense to buy a protection we would otherwise never go without.
For example, Meredith Donly owns an eight-unit rental building in a working class neighborhood in Hollywood. This year she decided to drop her property’s homeowner’s insurance coverage after receiving a bill that increased her premium and doubled her deductible to $16,800.00. Of course, the uncertainty of what could happen should her property be damaged by a hurricane often keeps her awake at night, yet the thought that she would have to pay more than $20,000.00 (between premiums and deductible) before her insurance even kicked in for repairs was enough to make her decide to have her building uninsured. By her calculations, even if a tree were to fall on the roof and destroy it, causing all the windows to blow out, the repairs would be less than $16,000.00.
Much like everyone else, seniors have to deal with the raising cost of life, especially when it comes to raising healthcare costs, which for obvious reasons are services they need more of than most members of the younger generations. Unlike most young people, they only have their low, fixed incomes to deal with those raising costs…
The Lawyers of Greenberg Stone and Urbano Can Help
You should always have an attorney help you review your policy and advise you on what coverage you should have and for how much. If you are about to renew your policy (with the same insurer or a new one), we can help you review it and make sure you are adequately covered and in a position to avoid costly expenses should disaster strike.
With more than 67 years of combined experience, the Miami Dade County Homeowners Insurance Claims Law Offices of Greenberg Stone and Urbano have helped thousands of Homeowners all over Florida review their policies, present their claims and get the compensation owed them by their insurance carrier.
Visit our website to learn more about our firm and contact us today for a free consultation.