Insurance Relief in Florida

"The government has finally stepped in and done something right!", is the cry from Florida homeowners after a special week long legislative session closed Monday night with measures passed that could decrease a homeowners burden by anywhere from 10- 50%. The measures cover a wide swath of directives and requirements but most follow a constant theme, which is to allow homeowners to decided if they want to assume more of the risk on their property in exchange for lower premiums. Supporters of the legislation are happy about the relief for homeowners but some are still grumbling about the lack of relief for small business owners and landlords whose woes did not receive nearly as much atttention.

All in all it is great news for Florida real estate, at a time when taxes are going up in response to the boom of the last few years, this insurance rate relief is just what the doctor ordered. Particularly for investors who own income producing property, it makes the state a much more attracitve investment opportunity when you can break even cash-flow or even turn a profit as opposed to being substantially negative.

To read the highlights of the insurance overhaul in the Miami Herald click here.