pstrongProperty insurance is a big deal in a state like Florida where the likelihood of natural disasters, namely hurricanes,is higher than many other states./strong This is why there are so many stronghome insurance companies/strong throughout the state. They are essentially the fabric of individual communities -they bring financial protection to the forefront and help to employ many residents./p pOr at least they did./p pAs the economy changes, so do important community staples such as the insurance company. Read more…
pWe’ve all heard of Katrina and the waves. No, not the pop band. They didn’t do near the damage that a single hurricane has done. And the ripple effect from the natural disaster is being felt years later all along the ocean coastlines in the form of homeowners insurance rates doubling, tripling, quadrupling, and worse./p pFlorida’s home and condo owners have seen rates rise 400%. And were it not for the Mississippi state insurance commissioner homeowners in Mississippi, also hit very hard by Katrina, would have been met with a 397% increase in their coastal house insurance rates. (He s Read more…
It’s been rumored that life and property insurance agents have been biting their nails ever since the onset of hurricane season a few weeks ago. No one is looking forward to the prospect of another Hurricane Katrina wiping out any part of the country. But with enormous payouts at the forefront of the insurance industryafter a natural disaster, those who will be responsible for sending out payments for damages are a little nervous about this season to say the least.
As you can imagine, the property sector is biting their nails pretty hard about potential payouts, but experts say that the life insurance counterpart has actually suffered more financially because their payouts are usually larger and more frequent.
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When purchasing or renewing your home insurance policy, it’s good to educate yourself as much as possible.There’s so much to take into consideration that many homeowners just don’t know or understand, which leaves them in a position to pay too much or find themselves underinsured.
One reason that home insurance is becoming a bigger issue now than the past few years is because market values have plummeted.
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If you have to go to a lender to finance your rental property, you have to go to an insurance company to get the property insured. Maybe this is why it’s hard to “win” at the real estate insurance game.
The whole point of any insurance, not just real estate insurance, is to get it and never use it. If you make a claim, you have to pay a deductible, and your future premiums will likely go up when you renew or switch carriers.
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