As if it weren't bad enough that we've already been through this. I bought during the bubble and saw my insurance nearly doubled every year for the first 3 years. That was back when I had a HORRENDOUS insurance agent and Citizens was trying to make everyone go bankrupt or force them into foreclosure. Back before we all knew exactly what a short sale what and what to do with it. I'm happy as peach pie with my current agent Sue Cherrybon with Johnson's Insurance on Big Pine Key.
If only I was a buyer today! That's what everyone will be saying 5 years from now. People will cry, "I could I have NOT known prices would go back up!?"
There are 1,066,304 Citizens insurance policies in effect. If everyone paid $1,000 per policy that would be $1,066,304,000. That is a billion dollars. In Monroe County I don't think anyone pays less than $2,500 a policy. There are people paying $17,000 annual policies.
Fair Insurance Rates for Monroe County (FIRM) fought hard to reduce insurance premiums in Monroe County. Heather Carruthers and Teri Johnston are amazing women. They keep us informed.
The state run Citizens Insurance is feeling needy and underpaid again. This could cause a few more people into short sale or foreclosure. Citizens is claiming that Wilma losses are the cause. Citizens refused to pay on my hurricane damages and dozens of people I know. What has happened to premiums homeowners paid for the multiple decades with virtually no big payouts in Monroe County? Where did those billions go. Uh O, I probably shouldn't have asked that question.
Citizens wants to adjust the replacement values on homes. The amount my home was insured for doubled the 2nd year and then went up at a good clip every year after that. I had my builder give me a replacement estimate and my value was far less than I had been paying for during the last 4 years. If you bought your home more than 5 years ago you may need to get a replacement value appraisal if you think you are being over charge for insurance to dispute the bill. You could consider talking to a builder in your area and paying them for an hour of their time to write you an estimate for your insurance agent.
Maya Thomas
REALTOR®
Exit Realty Old Island Key West
1511 Truman Avenue
Key West, FL 33040
(305) 522-1398
www.ShowcasePortfolioProperties.com
MyRealPro@gmail.com
