New Insurance Laws Hodgepodge Of Legaleze
LABELLE, FLORIDA -- Homeowners have been asking "How much will my insurance premiums go down?" after the Florida legislature passed new insurance rules this week. With much hoopla and bravado, the Governor and state politicians raved on how great the new law would be to save Floridians money on home insurance.
Unfortunately, the politicians are not telling the whole story. Chances are the average homeowner will not save any money on insurance. The new law basically allows homeowners to elect higher deductibles and to waive windstorm coverage. However, for those who wish to increase their risk while saving a few dollars, many hoops have to be passed, including getting permission from your mortgage company.
Other reasons for why any immediate savings are not going to happen are included in the 176 pages of new rules as published by the state legislature. The lawyers, legislators, and lobbyists who had a hand in writing this, included a dizzying display of differing dates as to when the many parts of the new laws go into effect, March 1, April 1, August 1, etc. It will take many months for industry lawyers to figure out exactly what is supposed to happen in respect to the new regulations for insurance companies.
In summary, don't expect to save any money on your home insurance unless you are willing, and have permission from your mortgage company, to take on more risk in the form of higher deductibles or eliminating windstorm damage coverage.
Once again citizens flim-flammed by the insurance industry and politicians?