A story in the Sun-Sentinel says that 9 out of 10 insurance agents polled noticed that their clients were receiving rate decreases from 15 percent to as much as 40 percent.
A big reason for the discount is that many homeowners in the Fort Lauderdale real estate area have improved their properties to better withstand the damaging effects of hurricanes.
Steve Golub, a Coral Springs homeowner, had his home inspected last fall to document its storm-resistant features. His insurer, Northern Capital Insurance, offered to renew his insurance for $3,500, or $1,600 less than he paid last year.
According to Florida Office of Insurance Regulation data, rate increases the state blocked last year helped bring insurance prices
down by a statewide average of 16 percent.
“We can’t tell you where these new companies’ rates fall on a scale of ‘high or low’ because we have no baseline. We can say that all the new companies formed to take policies out of Citizens must, by law, charge the same or lower rates than Citizens charges,” Tom Zutell, a spokesman for the insurance regulation office.
“Also, the sheer number of new insurers since 2006 would lead one to believe there is plenty of competition out there, enough to deter any one company from veering from the herd as far as the rates it charges.”
If prices continue to drop and stabilize the next few years, it may signal a shift in Florida’s property insurance market from an oligopoly to a vibrant, competitive one. That’s something state political leaders are banking on, especially as big national insurers such as State Farm, Allstate and Nationwide scale back in Florida.
Cheaper insurance rates will certainly help you sell your Fort Lauderdale real estate home or condo and make the property more financially appealing to prospective buyers.
That’s good news for sure!
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