What You Need To Know About Property Insurance Rate Increases

According to the Tampa Bay Times, Florida’s property insurance market is about to be, or is already, experiencing a hike in rates. This is happening in part due to the hurricane season approaching its peak in September. So as a Florida resident who seeks to protect your home from damage, what does this mean for you?

Insurance can be tricky, especially when insurance companies attempt to deny or delay valid claims. Read more about the potential rate increases and what you should know as a homeowner in hurricane season.

The rates might go up at astonishing levels

In the report on insurance rate increases, the Tampa Bay Times reported that several Florida insurers filed for premium spikes this summer that range from 15 to a little more than 31 percent. 

Some insurance companies are dropping policies

With these rate increases, there’s also another major shock to homeowners: their policy might be dropped. These are again attributed to higher reinsurance costs. And as some policies get dropped, premiums are expected to rise.

Homeowners insurance is separate from flood insurance

As the insurance rate climbs begin to take effect, you might be tempted to scale down your policy or be hesitant to expand coverage. But, it’s worth mentioning that flood insurance is a separate policy from homeowners insurance. This is especially important for hurricane protection because wind and rain are common sources of damage. So if you only have homeowners insurance, flooding from rain won’t be covered, and if you experience damage from it, you’ll end up with bigger financial issues. 

It’s always wise to thoroughly review your policies, too, before a storm develops and could potentially impact your area and property.

 

Pursuing legal action against insurance companies

Regardless of rate increases or challenges your insurance company faces, if you have an active policy in place, they are there to protect you. Even in regular circumstances, insurers will sometimes deny or delay valid claims and avoid paying damages they should cover for you. If this happens, it’s absolutely essential that you contact an experienced insurance attorney to look into it. It’s also a good idea to make sure you gather evidence, take photos, and log personal property inventory.

Contact Brooke Boltz today

Insurance companies are not always right, and sometimes they blatantly take advantage of their customers. And as a distraught homeowner, the ins and outs of the litigation process will be a headache without an experienced insurance attorney. If you experience damage to your home as a result of a hurricane, and your insurer is delaying or denying your claim, you need to call Brooke. Brooke will fight passionately for you to ensure you receive your compensation. 

 Set up a free phone consultation today. Boltz Legal is here for you.