Ahhh the Sunshine State, the main problem with paradise is that the universe is balanced and so when you have a place that is nearly perfect, there is always something that will pop-up to return the balance. In the case of Florida that something is Hurricanes. The Florida peninsula is a sitting duck right smack in the middle of hurricane alley. Never was that more apparent than in 2005 when a record number of storms hit the state causing billions in damage. The insurance companies lost their shirt...and then they decided to go out and buy brand new silk shirts from Nordstrom's. So insurance premiums have been on the mind of every Florida property owner for the last two years.
Now the state legislature is finally making some solid moves to stop the collective bleeding. The proposals very greatly as can be expected but the common them is that homeowners will have to assume more risk, particularly in the event of a mega-storm, in order to reduce their premiums. The good news is that premiums are expected to go down anywhere from 10% to 25%. This will definitely help a problem that was quickly becoming a crisis. We will keep a close on the decision today and update you all tomorrow.
Now the state legislature is finally making some solid moves to stop the collective bleeding. The proposals very greatly as can be expected but the common them is that homeowners will have to assume more risk, particularly in the event of a mega-storm, in order to reduce their premiums. The good news is that premiums are expected to go down anywhere from 10% to 25%. This will definitely help a problem that was quickly becoming a crisis. We will keep a close on the decision today and update you all tomorrow.
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