On the lookout for alternative house insurance coverage protection?
Nationwide isn’t Florida’s solely insurer. Right here’s what to do subsequent.
If you happen to’ve owned a house in Florida over the last decade or so, you’ve seemingly seen regular will increase in your house insurance coverage premiums and now this: Nationwide has simply notified you that your coverage received’t be renewed.
You understand how necessary good protection is, however that doesn’t imply it’s good to panic.
The excellent news? Harry Levine Insurance coverage has the data, assets, and connections it’s good to ensure you get nice protection that matches your wants.
Nationwide Not Renewing Insurance policies
Insurance coverage brokers all through the nation have began to obtain discover from Nationwide Mutual Insurance coverage Firm that sure Private Strains insurance policies (particularly, owners insurance coverage) is not going to be renewed.
Non-renewals will begin December 26, 2023, which implies many FL owners are beginning to obtain discover that they should discover alternative protection.
If in case you have obtained considered one of these notices within the mail, hold one factor in thoughts: Nationwide is not canceling your coverage!
Non-Renewals vs. Cancellations
Within the insurance coverage world, there’s a massive distinction between a coverage cancellation and a non-renewal.
When insurance policies are canceled, it’s normally due to one thing the policyholder did, akin to not paying premiums or committing fraud in your insurance coverage utility. Additionally, cancellations are sometimes efficient instantly, no matter when your coverage is scheduled to run out.
Non-renewals, however, are sometimes resulting from circumstances past your (or the insurance coverage firm’s) management. If the insurance coverage firm decides to not renew your coverage, you’ll nonetheless have protection till the coverage expires.
Why Is My Coverage Not Being Renewed?
On this case, Nationwide lists pure disasters and extreme climate as the first trigger behind these non-renewals.
As you’re most likely conscious, Florida has seen greater than its justifiable share of unhealthy climate over time.
Flooding and roof injury from hurricanes, water injury from extreme storms, and fires brought on by lightning are among the commonest house insurance coverage claims in Florida. On common, insurers pay out $15,000 per house insurance coverage declare!
When more cash is being paid out than is coming in, insurance coverage firms should take severe motion as a way to keep afloat (that’s simply how insurance coverage works).
Whereas there have been latest adjustments that ought to enhance Florida’s insurance coverage state of affairs, it’s going to take time for these adjustments to start out making an affect. Within the meantime, how are you supposed to seek out good protection which you can afford?
What You Can Do
Simply because Nationwide is selecting to not renew your coverage doesn’t imply which you can’t discover protection elsewhere. Florida nonetheless has loads of respected choices in the case of house insurance coverage carriers!
Nevertheless, as you seek for owners insurance coverage to interchange your Nationwide coverage, it’s necessary to place good protection first.
All too usually, owners put value above every little thing else…solely to remorse it after they discover themselves within the unlucky place of getting to file a declare. Low-cost house insurance coverage is simply that: low cost. These low charges come on the expense of paltry protection, poor customer support, and even increased charges in a while.
We’ve seen this occur in actual time as an increasing number of owners buy insurance policies via Residents Property Insurance coverage. In truth, some brokers could not have a big number of carriers to supply to you, so they might push Residents as your best option. Residents could also be your solely alternative whereas working with them, however that doesn’t make it your solely alternative.
Residents is named “Florida’s insurer of final resort” and for good motive. Protection is way much less thorough than comparable plans with different carriers and policyholders aren’t even assured persistently low charges.
In truth, if the corporate is pressured to pay out greater than anticipated, they’re allowed to levy particular assessments on all policyholders to make up the distinction. That’s proper. You can obtain what is basically a effective of as much as 46% of your Residents premium to pay for different peoples’ claims. Not paying is solely not an choice. Consider the effective or “evaluation” like a tax from the state.
Nice Protection, Nice Service
With regards to discovering nice insurance coverage protection, the very best factor you are able to do is figure with an unbiased insurance coverage agent.
In contrast to captive brokers, unbiased insurance coverage brokers aren’t tied to a selected insurance coverage service. They’re able to store all through the market to seek out insurance policies that match your funds, wants, threat tolerance, and life-style.
Quite than being disillusioned by poor protection later, you’ll be capable of relaxation assured that you simply’re protected by a trusted service and an agent who appears to be like out in your pursuits.
At Harry Levine Insurance coverage, we’ve been considered one of Orlando’s high unbiased insurance coverage businesses for greater than 40 years and we’re proud to be the agent of alternative for 1000’s of home- and enterprise homeowners all through the state.
The actual distinction? We take the time to get to know you in order that your protection really matches your wants.
Name in the present day for a free quote. We will’t wait to satisfy you!
