Homeowners insurance rates
After months of trying to address homeowners insurance rates isses, goods news will soon satisfy Floridian. Rising insurance and property taxes were the 2 main issues affecting the local Floridian real estate market. Any modifications alleviating the burden of homeowners will benefit the Miami real estate market as a whole.
Private insurers will soon deliver rates reductions ranging from 10 to 50%. Private insurers will be able to buy lower cost back up insurance and therefore pass the savings to their clients. The windstorm portion of the insurance will be reduced drastically, from 27% to 73.5%. Areas closest to the waterfront might see substantial insurance savings, 50% for single family homes and 38% for condos.
These premiums rate cuts follow the Insurance Reform Bill passed by the Florida legislature this January. Insurance companies will incorporate these savings by March 15 th 2007, to be effective immediately or when renewed by the latest as of june 1 st 2007.
Published by MLR Realty contributor Eric Harari
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