Citizens Approved To Raise Home Insurance Rates In Florida

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Just over a week ago, Citizens Property Insurance Corporation received approval from the state of Florida to raise home insurance rates for 2016.  The rate increases to Florida home insurance premiums will depend on the type of insurance policy you hold, the geographical area or county your home is in and the way in which your home was constructed.  These rate changes are set to impact homeowner’s rates across the state, with the coastal areas of South Florida standing to receive the largest increases.  The Florida Office of Insurance Regulation, in Tallahassee, approved an average increase of 1.8% for multi-peril policies and an 8.3% for wind-only insurance premiums.

What Does This Mean For You?

If your home insurance policy is with Citizens please don’t freak out just yet!  Citizens anticipates that for 60% of Florida homeowner’s will see their home insurance rates actually drop.  Sure, if you live close to or on the Intracoastal Waterway or the beach you can go ahead and assume you will see an increase in your Citizens homeowner’s insurance premium.

If you didn’t know already, Citizens Property Insurance Corporation was founded in 2002 as a non-profit insurance company.  They are financially backed by the state and were originally formed to offer home insurance to Florida homeowner’s who could not obtain a policy from any other privately held insurance company.  So Citizens was founded to be a “last resort” insurance company for the residents of Florida.  This was necessary as the private insurance companies were not willing to insure properties in Florida after a series of devastating hurricanes that caused them to payout huge sums of money to cover policyholder claims.  I know it has been sometime, but if you’ve lived in Florida for more than 10 years then you remember Hurricane Ivan, Jeanne and Wilma!

So if your homeowner’s insurance policy is with Citizens Property don’t be concerned.  Since we have been hurricane-free here in Florida for 10 years the private insurance companies are much more willing to insure your home.  Obtaining a competitively priced home insurance premium is achievable and below I’m going to explain how fun and easy I’ll make it!

What To Do If You Have A Citizens Insurance Policy?

As I said above, Citizen’s was formed as a backup insurance company in case you couldn’t get a homeowner’s policy anywhere else.  With that being said, most of the time the last resort is not a great option.  With these new rate increases set to be in effect on February 1st of 2016, Citizen’s pricing will align it right back to it’s rightful place as your last option.  Don’t get me wrong, Citizens was a necessary evil and a great option for a lot of Florida residents who needed home coverage desperately.

Being a franchise owner of two Brightway Insurance agencies in Palm Beach County, my team and I have access to more Florida insurance companies than the vast majority of other third party insurance agencies.  At Brightway Insurance, our goal is to offer our customers the best home coverage at the best price possible.  To do this, Brightway has relationships with over 100 insurance carriers to be able to achieve our goal.  With the amount of insurance carriers we can bind policies through, we basically shop every carrier to get you the best policy and coverage.

Conclusion

Believe me when I tell you that you should not be concerned with the recent announcement of these rate increases.  Citizens Insurance is not the only home insurance company in Florida, remember they were established out of necessity.  Unlike in recent years there are plenty of good insurance companies you can obtain a homeowner’s policy through today in Florida.  Even if you’ve only had your current policy with Citizens for 6 months, the chances that I’m able to save you money are still very good!  I know because at Brightway Insurance we have twice the amount of insurance companies to shop your policy through than traditional independent agencies in West Palm Beach, Palm Beach County or Florida!

No one will work harder to find you better insurance coverage than my team at Brightway, Palm Springs and Brightway, Boynton Beach North.  I give you my personal guarantee that if you give my team and I the opportunity to earn your business you will not be disappointed in the outcome.  We’ll look out for you and your family and get you in a better situation.  As a customer of my insurance agencies you’ll join the Brightway and the Cole Families!  We are a team and a family and we look forward to our family getting a little bigger.  Give us a shot today and let us provide you with a no obligation homeowner’s insurance consultation and quote simply give us a call or start your online quote now.

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A Blog offering Tips and helpful navigation to better Insurance coverage in the State of Florida

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