Mayfair in Tampa Palms

Two New Changes to Homeowners Insurance

Oct 30, 2007

Greetings:

There are two new changes to homeowners insurance I wanted to make you aware of. Homeowners have the option now to exclude sinkhole and wind coverage from their policy. These coverage changes are options being offered to Florida homeowners to help provide rate relief. But, please contact your insurance agent for more details before making a decision.

Also, most of you know I am a big supporter of ?“flood?” insurance. If you do not have flood insurance I would strongly suggest you get it. The annual cost is $317.00 and it covers water-related damage that your homeowner?’s policy does not cover.

Sinkhole Exclusion

There are two new developments for Florida Homeowners regarding their Homeowners Insurance Policies. First, Florida policyholders may now elect to exclude sinkhole coverage on their policy in exchange for a reduced premium. In fact homeowners who are insured with Citizens Insurance Company and are located in either Pasco or Hernando Counties will automatically have their policies renewed without sinkhole coverage. If they wish to include the coverage they must notify their agent and the coverage must be added by endorsement.

Wind Exclusion

Secondly, Florida policyholders may now elect to exclude wind damage as a covered peril in exchange for a reduced premium. If elected by the policyholder any damage occurring to the structure as a result of wind would be excluded. The state has also established wind mitigation credits which are available to Florida Policyholders. Wind mitigation premium credits are available to policyholders by contacting their insurance agent and arranging for a certified wind mitigation inspection.

Regards,

Lyn Acer