10/25/2023
Let’s talk about home insurance in Florida
📖 Yes, it’s almost at a crisis point.
🪄 Why? Because the insurance companies are leaving Florida. The insurance companies are not going to lose money to offer people coverage. With the overwhelming claims every year during the hurricane season, more and more insurance companies find themselves unable to sustain their business.
📖 How did we get here?
🪄 Well, it didn’t happen in just a couple days. With climate change and more natural disasters gradually increasing the chances of hitting Florida, more people file insurance claims than the insurance companies can afford. Other factors that contributed to the situation include not having good support from the legislative branch of the government and several other factors.
📖 Is the home insurance situation going to be better?
🪄 From what I learned in the real estate industry conferences and meetings, the government knows that the current home insurance industry is suffering and it affects all of us who care about Florida and our homes. They are working on it and hoping by passing some new laws, it will help the whole situation.
📖 What should we do about home insurance when we purchase our home?
🪄 Even though the home insurance situation is tricky in Florida, luckily BHHS has partnered with impactful, impeccable home warranty service providers. People usually underestimate the importance of home warranty coverage, especially when they feel like they are paying insurance premiums already. Having home warranty coverage supplement the home insurance and brings you an ease of mind when dealing with home repairs.
❣️Buying a home could be stressful, let the professionals help you ease the stress and burden on you. Make sure you ask about the home warranty provider when you are purchasing your home 🏠