Citizens Property Insurance announced on Friday that Florida state insurance regulators have approved its request to cut the maximum policy coverage limit to $1 million from $2 million for residential properties in wind-eligible areas throughout the state. The change will become effective February, 1st for new policies and May, 1st for renewals.
The change applies to wind-only and multi-peril policies that include wind coverage. Properties with a replacement cost value of more than $1 million and condominium units with a combined building and contents replacement cost of more than $1 million will no longer be eligible for coverage. New applications for coverage under the old limit received by January, 18th will be honored for one policy term.
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Tags: buyers, Florida, homeowner insurance, hurricane preparedness, real estate
The 2010 hurricane season is set to begin this week and it is important for Southwest Florida residents to pay attention and be prepared. With three years of relatively quiet storm seasons, it’s easy to become complacent. However, ignoring the possibility of a major storm coming our way can be a major mistake. All you have to do is remember two very important points:
Another hurricane season is set to officially begin this weekend and it is important for Florida Gulf Coast residents to pay attention and be prepared. With two recent years of above-average storm forecasts and below-average actual storms, many residents may feel confused about what to expect this year. Government forecasters officially predict six to nine hurricanes in 2008, with up to five becoming major storms. They also say the chances for an above-average season are about 65 percent; the chances for a normal season about 25 percent; and the chances for a slow season about 10 percent. Unfortunately, for many Floridians, the forecasted outlook seems like nothing more than a guess.
