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Ever since Hurricane Andrew devastated part of Florida in 1992, insurers have been hesitant to write policies, fearing the next big disaster.  Additionally, sinkhole claims are skyrocketing, adding to the difficulty in obtaining affordable insurance. 

Large companies: All-State, Prudential, State Farm - You must be a current policy holder for ten consecutive years or more, with no claims.  So they put you into a state insurance fund.  If you are already insured with a major carrier, they may honor the transfer for 30 - 90 days.  Speak to your insurance representative about this before you cancel the insurance on your old home.

Tom Beck

727-393-9847

TBeck@WeichertFinancial.com

With the Hurricanes of 2004 and 2005, many more policies are being underwritten by the state insurance pool (Citizens).  Their policies are mandated to be the highest in the market.  Some insurers will not write new policies in many areas, and prices have skyrocketed.  Please be aware that $2500 may now be a good rate for annual homeowner's insurance.

Believe it or not - sometimes Citizens costs less than other companies due to the time it takes to update their pricing systems.  A recent buyer was quoted $5300 from one company, and $2350 from Citizens (July 2006).

Please contact several insurers, and choose the one that meets your needs.

It is highly recommend that you beginning the search for insurance as soon as the offer is signed, and during Hurricane Season, you should pay for the policy immediately if you are within 30 days of your expected closing date.

Besides being difficult to obtain, insurance underwriting is halted when Tropical Storms and Hurricanes are near Florida.  This can also hold up a closing for a week or two.