Naples, Florida (PRWEB) April 18, 2013
Gulf Coast Educators Insurance would like to warn Florida insurance owners about upcoming changes to Citizens Property Insurance coverage. Lawmakers are concerned that if a major storm hits the state of Florida, Citizens will not be able to pay its claims and all Floridians-even ones that are not customers- will be forced to pick up the tab. A draft proposal aims to restructure Citizens, which could overhaul the Florida homeowners insurance market if it is approved. “Many South Florida homeowners will be affected by proposed changes on the Citizens insurance bill, so Gulf Coast Educators Insurance would like to offer homeowners a free property insurance review,” says Ron DeFreitas, owner/operator of Gulf Coast Educators Insurance.
The SB1770 bill is aimed at reducing the amount of Citizens policies. Some of the provisions include:
Allowing Citizens to raise rates up to 3 percent over the 10 percent annual rate hike cap for additional reinsurance costs.
The elimination of coverage for homes valued at more than $500,000 by 2019.
Banning Citizens rates to the rates of the top insurers in the area.
Additionally, the bill includes other provisions that would apply the 10 percent cap by territory instead of individual policy, meaning some properties could see their rates jump by more than 10 percent.
“Gulf Coast Educators Insurance is committed to providing consumers with competitive insurance rates for property, auto, and life insurance. We encourage Florida homeowners to get their free policy review to see how these changes may affect their insurance coverage,” asserts DeFreitas. Gulf Coast Educators Insurance offers insurance coverage on single family homes and condominiums. This Southwest Florida insurance agency also offers renters insurance for residents in the Naples and Port Charlotte Florida areas.
DeFreitas adds “We have many clients who have waterfront homes and have experienced hurricanes. It really is astounding as to how much damage can occur should Southwest Florida receive a direct hit from a hurricane. Even if a hurricane “skirts” the Florida coastline there will still be considerable wind damage, beach erosion and possible flooding to coastal homes. Homeowners will be filing property and home insurance claims by the thousands should a massive storm hit. Homeowners need to be vigilant and take safety precautions now prior to the start of hurricane season to ensure they have proper home insurance coverage and more importantly they will be covered.”
For more information or a for a free review of your home insurance and property insurance policies in Florida please call Gulf Coast Educators at their Naples Florida office at 239-591-0963 or at their Port Charlotte Florida office at 941-391-5423 or visit online at: http://www.propertyandhomeinsuranceflorida.com