It's not hard to understand that through rate increases, severe reductions in coverage and the potential for assessment - Citizens Insurance is telling policy holders in no uncertain terms - they don't want your homeowners insurance business.
Business interruption coverage (business income) is a key part of any complete commercial insurance policy and can be vital to a businesses ability to remain solvent after a loss.
One of the most important components of determining premium is the proper calculation of the replacement cost valuation (RCV). Unfortunately, many insureds are unaware or surprised to find that the RCV is not the same as the market valuation.
Depending on where you live in Florida, the windstorm portion of your homeowners policy premium is typically between 15% - 70%. A wind mitigation inspection can drastically reduce those premiums, depending on the construction of your home and how well it is designed to withstand potential windstorm damage.
Recently, I had one of my clients call me up to go over his insurance policy. He had finally gotten around to clearing his desk and stumbled across of a renewal letter we sent that listed all of the 'important' parts of his policy - deductibles, limits, miscellaneous forms and such. When he got to the "Co-Insurance" portion of the property policy he stopped, picked up the phone and gave me a call... "What the heck is co-insurance?", he asked.
History teaches that a lack of hurricane awareness and preparation are common threads among all major hurricane disasters. By knowing your vulnerability and what actions you should take, you can reduce the effects of a hurricane disaster.