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A reinsurer might decide the insurer has too many homes close to the ocean, too many with roofs over 10 years old, too many homes over 30 years old, too many with deteriorating building materials, or too many homes in regions with claims that turned into expensive lawsuits. Two South Florida companies recently targeted some of their policyholders for non-renewal. Fort Lauderdale-based Universal Property & Casualty, which no longer writes policies in its home region, is declining not to renew 2, 500 of its policies. With more than 700, 000 policies in Florida, spokesman Travis Miller pointed out that the number of non-renewals "pales in comparison to both the total number of policies written by the company and the amount of new business it has historically written. " Coral Gables-based Weston Insurance Co., which specializes in windstorm coverage, is non-renewing about 500 of its wind-only policies, according to a local agent with access to proprietary information from insurers. Weston's CEO and president did not respond to an email seeking confirmation.
Another option is to buy a policy that will pay you only the depreciated value of your roof if it must be replaced, leaving you on the hook for the difference — thousands of dollars. Florida insurance experts say that might soon become the only way to keep your home covered. Getting non-renewed has become a challenge for tens of thousands of Florida homeowners over the past few years as insurers look for ways to get risky properties off their books. And if you live in an older home, with an older roof, in a hurricane-prone city or ZIP code where too many people are filing claims — fraudulent or legitimate — then your home could become a target for non-renewal. If it happens, don't panic. Florida law requires insurers to send notices of non-renewal at least 120 days before your term expires so you'll have time to find other coverage. Don't assume that your insurer suddenly suspects you of being a fraudster if they no longer want your business. Often, they are forced to reduce concentrations of risk by terms dictated by their reinsurers — the companies they buy insurance from to guarantee they'll have enough capital to pay off claims after a catastrophe.
Request assistance with an insurance question or file an insurance-related complaint (c/o Department of Financial Services)? Consumer Helpline Contact Information Statewide Toll-Free: 1-877-MY-FL-CFO (1-877-693-5236) Out of State Callers: (850) 413-3089 TDD Line: 1-800-640-0886 Email Address: Find information about an insurance agent (producer/adjuster) or agency information (c/o Department of Financial Services)? Find an Office searchable database to: Determine if an insurance company is licensed in Florida? Search for insurance rates for auto, homeowners, Medicare Supplement (Medigap) and small group health insurance? Information on form or rate filings made by insurance companies? Review top 25 or create custom market share reports for personal and commercial insurance residential policies? Search for Malpractice/closed claims against doctors (medical professional liability), attorneys (lawyers professional liability), and directors and officers (DNO) in Florida? Find pages dedicated to specific topics of insurance, such as: Federal Health Care Insurance Reform Homeowners' Insurance Hurricane Season Resources Flood Insurance Personal Injury Protection (PIP) insurance - HB 119 Sinkholes Submit a public records request?
In fact, you should read Janet Kaminsky's list of insurance requirements for the state before you do. Gather Quotes Online Getting quotes is a simple process. You can use a free search tool and collect multiple quotes at one time. One such tool is located at the top of this page. After all, it is possible that a site may have a bias, or even something as simple as a mistake in their algorithms. Once you have your quotes, the next step is to make sure that they are all for the same level of coverage. For example, if Company Q is quoting for 20% less, than it is possible that the policy may not be being calculated correctly. For this, you should make sure that the level of coverage is the same, as is the zip code. The zip is important because the difference between something as simple as 33825 and 32825 is 75 miles from Avon Park to Orlando. Both towns are inland, but there will be some nuances that make a difference in price, such as the fact that Orlando is 30 times as large and has a much bigger tourist population.
Getting a Homeowners Insurance Quote in Florida Having a home in Florida is great. The weather is nice throughout the year, taxes are low, and home prices are reasonable. When it comes to the expenses of living in the Sunshine State, many people save on the big things, but sometimes forget the smaller savings. These can add up, and by taking advantage of them, you can have thousands of more dollars throughout the years. The area we are specifically going to address here is the cost of homeowners insurance. There are many great ways to save on this expense that are simply forgotten or unknown. By taking advantage of them, you may find that you've got more money to do more with, be it through through the year to spend on yourself and your family, or just to invest for the future, which we will discuss later. The first step to getting great savings is to know where to go to get the prices. Be sure to always compare quotes using the FREE search tool above now! How to Get FL Homeowners Quote Getting quotes for your home policy is a 3 step process.