The new laws would create the $2 billion Reinsurance to Assist Policyholders program for insurers to purchase insurance to help insulate themselves from risk. Insurers would have to reduce policyholders' rates to access the state reinsurance fund. It also offers grants of up to $10,000 to outfit homes so they are less vulnerable to hurricane damage, if the homes meet certain criteria.
The legislation forbids insurers from automatically denying coverage because of a roof’s age if the roof is less than 15 years old. Homeowners with roofs 15 years or older would be allowed to get an inspection before insurers deny them coverage."
As a Florida homeowner and landlord I have watched as our insurance rate has risen from hundreds to thousands of dollars a year. In recent years insurance companies started denying coverage to properties with roofs over ten years old, regardless of the roof's condition. This legislation is a welcome relief.
Search Florida and USA Properties
No comments:
Post a Comment
Comments are reviewed before activated. Please no advertising or back links.