Real Estate Wilton Manors | Fort Lauderdale Realtors | Florida Real Estate News
The board of directors of Citizens Property Insurance Corp. decided to modify its re-inspection program by appointing an outside auditing company and revamp its customer relations program.
The board of directors of Citizens Property Insurance Corp. also allowed a new $350 million low interest loan initiative that is geared towards influencing independent insurers to manage more than 1.4 million policies. The modifications to the re -inspection program were due to discontent shown by many homeowners and multiple news stories released by Tampa Bay Times and the Miami Herald. These stories outlined how thousands and thousands of premium holders in Florida witnesses they rates increase as the state managed insurance provider increased rates via reinspections while decreasing the amount of coverage offered.
Homeowners who had their insurance discounts revoked due to the modifications of the home inspection initiative now have new alternative to fight the rate increases. These homeowners have 12 months in order to get a second option on the inspection for free. Property owners who had their insurance discounts revoked due to the fact that inspectors could not evaluate the attic and measure the sturdiness of their roofs are also offered a second inspection, free of charge.
Over 257,000 homes have undergone inspections in 2012 and 75% if these homes witness premium increases after the inspections took place. For homeowners who’ve had their insurance discounts eliminate have seen an average of an $800 increase on their premiums. The Citizens Property Insurance Corp. have provided private insurers low-interest loans which has attracted a lot of backlash. The new reinspection program allows the Citizens Property Insurance Corp to funnel cash from their $6.2 billion reserves and loan it. These loans are made up affirmative conditions in which private insurers take the policies and hold them for at least 10 years. 20-year loans only require interest-only payments for the initial three years and are partially excusable if the area is affected by hurricanes. Citizens Property Insurance Corp states that the interest rate of roughly 1.6% does not accommodate for the actual market rate for loans of this sort. Citizens Property Insurance Corp. would also be left to foot the bill if an insurer decides not to make payments after acquiring a loan. la
Many individuals who don’t agree with these conditions consider this to be beneficial to insurance companies and corporate welfare provided by the premiums gathered from Citizens Property Insurance Corp consumers over the last several years. Since there were no hurricane disasters in the year of 2005, Citizens Property Insurance Corporation was able to save $6.2 billion which many independent insurers find appealing. One senator states that Citizens Property Insurance Corporation provided a large sum without consulting legislative parties. This plan was shared with the general public on Thursday and was passed by the board of directors via an unanimous decision.
To get more information about your insurance policy contact the Dunham Insurance Group, Chris Dunham. www.dunhamins.com
For more information about the South Florida real estate market, contact the Henri Frank Group brokered by Remax Preferred. Visit our online office at www.henrifrank.com or call us directly at our offices at 954-604-9999. We are available 7-days a week to consult you on all of your real estate needs, buying? selling? investing? renting? you have to contact Henri Vezie, Realtor, PA and Frank Vigliotti, Realtor, CDPE, PA at their offices in Wilton Manors, Fort Lauderdale, Plantation and Hillsboro Beach.