MIAMI (CBSMiami) – South Florida homeowners are hoping new legislation simply handed in Tallahassee will provide some relief for steep homeowners insurance rates which have been skyrocketing.
When she moved to Fort Lauderdale a 12 months in the past, Echo Cunningham obtained the shock of her life when she noticed her insurance invoice.
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“Because of the elevation I’m paying $12,000 for home insurance,” she mentioned.
It’s 4 occasions the quantity she left behind in Utah.
And that $12,000 premium solely covers flood and wind, not the contents of her residence – and she or he has a $25,000 deductible.
She’s undecided she will keep.
“Not unless I find a job that pays substantially more than I make,” she mentioned.
Whether you might be new to South Florida or a protracted timer, the price of residence insurance is steep and getting steeper.
But the brand new property insurance invoice lawmakers simply accepted might assist in the long term.
Among the modifications, roofs with greater than 25% harm will be repaired slightly than changed so claims will be much less.
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Also, $2 Billion is earmarked for the reinsurance fund, so within the occasion of a disaster insurers don’t go underneath.
There will be limits on lawsuits, which some say has pushed up the price of insurance. And homeowners with property price lower than half 1,000,000 {dollars} will have the ability to get again as much as $10,000 for hardening property.
That consists of issues like getting affect home windows, fortifying garages and changing roofs.
“The language provides relief to the number of claims and the amount per claim and that will impact premiums,” mentioned unbiased insurance agent Steve Brooks.
Brooks believes the modifications will lead to premium reductions down the road and he thinks by fortifying the state ‘s catastrophic fund, it will result in more carriers re-entering the Florida market.
“If we are hit by another hurricane and do experience a catastrophic loss, there are safeguards in place otherwise we will be in dire straits,” he said.
Cunningham hopes she can hold on until relief arrives, but is glad lawmakers are listening.
“At least they acknowledge the problem and are looking for solutions,” she said.
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The housing crisis is leaving many desperate for help. That’s why CBS News Miami needs to share your tales to point out the disaster you’re in or the way you navigated the system. We will spotlight these points and work to get solutions and options. Send us an e-mail at [email protected].