Florida Property Insurance Rates to Increase Over Next Few Years

According to a recent report from ABC Action News in Tampa, the Florida Office of Insurance Regulation is “projecting in five years that property insurance will increase by $550 a year in Hillsborough County for a $300,000 home. In Pinellas County, it will go up by $389 a year.”

That’s a big hit for the average home owner or new home buyer and may impact home sales, especially in coastal areas.

According the article, “the driving force behind the rate hikes is a practice called “assignment of benefits,” which lets homeowners give their insurance claims to contractors doing repairs…those repairs are often more expensive than what the insurance covers and that leads to costly legal battles.”

That claim abuse unfortunately can trickle down to homeowners, in this case, in the form of property insurance rate hikes.

One way to help this is for homeowners to work more closely with insurers and their vetted third-party vendors. The insurance companies maintain a greater control on reconstruction and renovation costs while ensuring a higher standard of quality work provided — both in the service provided as well as defined time frames. This results in a more efficient service with less potential for claims abuse.

About Solution Source

Solution Source is a state-wide property service solutions company offering a full range of solutions for the maintenance, repair, renovation, restoration and management of distinctive residential and commercial properties throughout the state of Florida.