Recently I received my homeowners insurance renewal and it was “deja vu all over again.” In six years, the premium has increased 220 percent (no claims ever filed). My previous insurer did the same — 250 percent increase at year six.
After contacting my agent to modify the policy’s valuation, method of payment and personal property percentage, I was simply told I couldn’t. Florida statute mandates that “Replacement Cost Value” with inflation guard applies to the home and personal property (50 percent of home value).
I verified all this with the Insurance Commission and was livid that my rights to determine the type and level of coverage were stripped in 2005. I was told that after homeowners sued due to being underinsured and won in Florida court, insurers lobbied for all the above and got it.
The only options to adjust: 1. Raise deductible; 2. Refuse “Law and Ordinance” coverage; 3. Find a new insurer.
I opted for number 3. Found plenty of new insurers, asked for quotes, and was asked for a “Wind Mitigation Report,” which I have and provided. The insurers called back saying my 2008 report, issued by the state of Florida and signed by the CFO, was invalid. Once again, insurers complained to our Legislature that reports prior to 2010 were homeowner-friendly. So now I have to find, hire and pay a “certified” wind mitigation inspector.
If this is not a prime illustration of the influence of lobbies upon government, I don’t know what is. It’s a sorry “state” of affairs.
— FRANK MORREALE
DeFuniak Springs