Let’s discuss the effects of the new property insurance reform bill.
Some of our buyers have had trouble getting new coverage from various insurance companies because of a few widespread insurance issues. However, Governor Ron DeSantis recently passed a bipartisan bill that will help new homeowners with their insurance. Today I want to discuss these changes and what they mean for homeowners.
One issue was that it was hard to get coverage on homes with hardware and equipment older than 15 years. In one case, a buyer tried to get the seller to replace their entire roof because the roof was too old, and the insurance company wouldn’t cover it unless it was replaced.
Additionally, within the last couple of years, many private insurance companies left Florida because of the influx of claims from hurricane season. This influx created a lot of frivolous lawsuits against insurance companies and drove up the costs of insurance premiums for homeowners.
“This is great news for Florida homeowners who are looking for ways to keep insurance rates down.”
The bill signed by Governor DeSantis provides around $2 billion in relief to offset some of the costs for homeowners. There’s also $150 million in relief for older homes that need to be retrofitted for the new hurricane standards.
This is great news for Florida homeowners who are looking for ways to keep insurance rates down. Hopefully, this change will bring new insurance companies to Florida so that consumers have more options to choose from.
If you have questions about this bill or anything else to do with real estate, don’t hesitate to give us a call or send us an email. We’d love to help you.
