Many will be forced to accept less coverage.
Information from the #SunSentinel.
Recently you might have opened your mailbox and found a letter stating that your insurer has decided not to renew your homeowners insurance policy, like thousands of other homeowners recently.
Now what are you going to do?
Finding another company isn?t as easy as it used to be, as all but a handful of insurers, repelled by high rates of fraud and litigation, refuse to write new business in Palm Beach, Broward and Miami-Dade counties.
The remaining few will cover only new homes or existing homes with new roofs, agents say.
You have options, but you probably won?t like them. One is to sign on with state-owned Citizens Property Insurance Corp., the so-called ?insurer of last resort,? which will leave you vulnerable to a surcharge of 45% of your annual premium if the company runs out of money paying claims after a catastrophic hurricane season.
Another option is to buy a policy that will pay you only the depreciated value of your roof if it must be replaced, leaving you on the hook for the difference ? thousands of dollars. Florida insurance experts say that might soon become the only way to keep your home covered.
There is a better option. If you have an older roof, over 10 years old, get a new roof.
That will satisfy insurers and give you the peace of mind that your financial and safety risk is covered, especially for the upcoming rainy and Hurricane Season that starts in May.
Aastro Roofing Offers FREE Inspections, Estimates, and Financing Options for property owners anywhere in Palm Beach or Broward County. Call 561-409-3280 or request a FREE roof inspection and estimate online.