While Florida’s legislative reforms have stabilized the market and led some insurers to lower their rates, many homeowners still face higher renewal notices.
In a recent op-ed for the South Florida Sun-Sentinel, John Rollins, CEO of Patriot Select Property and Casualty Insurance Company, explains this paradox. He notes that while the cost per dollar of insurance is dropping, total premiums are rising because the cost to rebuild homes has spiked due to inflation in labor and materials.
Key Ways to Lower Your Bill
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Shop around: New insurers are entering Florida, creating more competitive options for homeowners.
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Check your replacement value: Verify that your home is not over insured based on current construction trends.
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Reevaluate your risk: Ensure your insurer knows about any improvements to your roof, windows, HVAC, plumbing, and electrical systems. Ask to rerun your credit score if it has improved, and check for credits related to senior status, veteran status, secured communities, or smart home devices.
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Adjust your deductible: Increasing your deductible is the most direct way to reduce your annual premium.
At Patriot Select, we believe informed homeowners make the best decisions. Read the full article from John Rollins to learn how you can navigate these changes.
Read full article here
