The average consumer is unaware that there are plenty of private homeowners insurance companies writing policies in the state of Florida.
Largo, Florida (PRWEB) August 21, 2012
Florida insurance agency, Patrons Insurance, encourages FL residents to insure their homes with private homeowners’ insurance companies rather than the state run insurance company, Citizens Property Insurance.
The average consumer is unaware that there are plenty of private homeowners insurance companies writing policies in the state of Florida. Most people think Citizens is their only option or that they are only being given Citizens quotes when they shop around. The truth is Patrons Insurance Agency currently represents 15 private insurance companies writing homeowners insurance all over the state of Florida.
Citizens has recently made some major coverage changes that leave the policy holder underinsured. Some of these changes include:
- Implementing a mandatory 10% sinkhole deductible.
- Eliminating increased mold limit options of $25,000 and $50,000.
- Eliminating the option to buy back coverage for other structures rented to others.
- Reducing the standard personal property coverage from 50% to 25%.
- Eliminating increased loss assessment coverage.
- Reducing liability coverage $300,000 to $100,000.
According to Businessweek, Citizens has also been approved by the board to increase rates by an average of 8.8% starting next year. “The Citizens Property Insurance Corp. hike could go as high as 10.2 percent on average if state regulators accept an alternative version taking into the account the risks of a major hurricane striking the state,” according to the article. Water and flood damage coverage may also be affected. Starting in 2013, the rate increase will be higher depending on how prone areas are to sinkhole damages, such as the Tampa Bay Area.
Patrons Insurance encourages Florida residents to get quotes from private insurance companies when looking for homeowners insurance – not only as a measure to help avoid being affected by rate increases such as Citizens’ but also to better protect your home and family.
As an independent insurance agency, Patrons Insurance is dedicated to providing the state of Florida high-quality and affordable homeowners insurance.
About Patrons Insurance Agency, Inc.:
Patrons Insurance Agency, Inc. is a family owned and operated Florida insurance agency. The agency has been protecting families and businesses since 1991, and it works with each client to get the best coverage for his or her unique situation at the lowest possible cost. The fact that it is an independent insurance agency means that Patrons Insurance Agency, Inc. works for you, not the insurance companies. You’re more than a number to us. Our clients are our friends and neighbors. They’re real people who need real solutions to their insurance concerns. At Patrons Insurance Agency, Inc. we’re proud to offer the more effective home, auto, business and health insurance solutions – and so much more!