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Florida Homeowners’ Insurance Remains Most Expensive in the United States

The National Association of Insurance Commissioners recently released a report detailing, among other things, the average annual premiums paid in each state.  According to this data, Floridians pay the nation’s highest home insurance premiums.  Our residents pay an average of $2,115, a figure up from $2,084 the year before.  Many residents are upset to learn they pay so much more for insurance, especially when the state has not been hit by a hurricane in over 10 years and residents do not receive superior coverage for the extra money.

At Greenberg, Stone, & Urbano, our Miami homeowners’ insurance attorneys understand the frustration experienced by many Floridians.  We meet clients every day who pay high premiums, only to find themselves struggling to obtain full compensation in the event of damage to their home.  Our firm helps these homeowners to fight the insurance company and receive fair coverage.

Paying More for Less

Florida’s insurance bills run close to twice the national average, far exceeding those in Texas and Louisiana, two states with considerable coastline.  The data used by the National Association of Insurance Commissioners is the most recent available, based on 2013 premiums.  Many across the state are paying far more today.

Aside from price, a major contention among Florida homeowners is that they are not only paying more—they are receiving less coverage.  Many Floridians pay top dollar for policies through Citizens Property Insurance Corp., the state insurer of last resort. These policies are notoriously bare bones, providing homeowners with just basic coverage at an exorbitant price.

Review Your Policy Carefully

While Floridians can do little to change the high homeowners’ premiums in the state, you can take steps to protect yourself and your home.  It is crucial, in this inflated insurance market, that you carefully review your homeowners’ insurance policy to assess what coverage you are being offered.  As prices continue to rise, insurance companies are offering less coverage.  Things that you may have assumed would be covered in the past may not be today.  The lowest premium is just one factor you need to consider in selecting your policy.

Homeowners are advised to read through their policy or potential policy carefully, looking for exclusions to coverage and limitations in particular.  If the policy does not make sense or you have a question about specific coverage, call your insurance agent.  Note the date, time, and who you spoke to, then place this information in a safe location with the policy.  Ask for the clarification you need.  You may be able to have the agent send you an email answering your question.  If you are still unclear on your policy or need assistance with filing a claim, seek the help of a Florida homeowners’ insurance lawyer who has experience in this area and will represent your interests to the fullest extent.

Contact the Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano Today For Your Free Consultation!

If you need assistance with a homeowners’ insurance related matter, contact the Miami Homeowners’ Insurance Attorneys at Greenberg, Stone & Urbano. Our knowledgeable and caring firm will guide you through the complex homeowners’ insurance web.  We have over 130 collective years of experience representing homeowners against their insurers across South Florida and will put our extensive experience to work for you.  Contact our firm as soon as possible to protect your legal rights.  Our firm received an AV rating from Martindale Hubbell and was ranked as a top firm in South Florida by the Miami Herald.  Call us at (888) 499-9700 or (305) 595-2400 or you can visit our website to schedule your initial consultation.

Source:

http://www.naic.org/documents/prod_serv_statistical_hmr_zu.pdf

 

 

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